Friday, August 29, 2008

Is Summer Over?

It sure feels like it. The weather network says that next weekend should be above average temps - I hope so. As for the real estate market, summer is definitely over.

From what I'm seeing, sales of SFH are way down. I'm estimating August sales for SFH to be around 240. From 2005 - 2007, August SFH sales were 350, 328, and 399 respectively. I'm estimating the average sale price for SFH in August to be $560k - $570k. Last year it was $576k. Median should come in around $525k, higher than last year.

I follow SFH much closer than condos or townhomes. I'd guess condo sales will also be below previous Augusts, with a slight month-over-month price decrease. Townhomes, also lower sales, but a steady sales price.

This realtor's website has 5049 properties currently for sale in Greater Victoria. I recorded 4915 properties for sale at the end of July. VREB inventory numbers should increase by around 150, to approximately 4700. August 2007 had around 3350 properties for sale.

What are you seeing in your neighbourhoods? My street block has 6 for sale signs. That's the most I've ever seen here at one time.

Have a great long weekend! Back in September with the monthly stats!