The fall market is having a positive affect on sales for both single family homes and for condos. But, to make these sales happen, many home owners are deciding to sell their homes for less than they would like to. We can clearly see that prices are down while sales volume is up. This trend has been strengthening since the summer ended.
Does this mean that further price decreases are coming? That definitely could be the case. On the other hand, prices in Greater Victoria are currently at the lowest point that we have seen them at for several years. We’ve seen a similar situation several times before and, in the past, as soon as buyers feel that Victoria is “on sale” homes start getting snapped up and prices rebound. I wouldn’t be surprised at all if this happens again this time. We may look back a few months from now and kick ourselves for not taking advantage of the situation.
Keep in mind that I am talking about the resale market here. The new home market often behaves differently and is driven by different factors. For example, first time home buyers can get a $10,000 tax break when they buy a new home, not a resale home.
Here are the stats from the last week:
Over the last 30 days, 208 single family houses were sold, up by 5 houses from last week. The median price is down $15,000 to $515,000. The average house was on the market for 55 days.
In the last 30 days, 131 condos were sold, up by 6 condos from last week. The median price is up $5,000 to $260,000. The average condo was on the market for 61 days.
There are now 2,383 houses for sale, up by 07 from last week. Condo inventory has risen by 16 to 1085 suites.
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