Tuesday, April 21, 2009

What's up with this market?

I don't know what to make of Victoria's real estate market. The lower interest rates do appear to be having an effect on the bottom end of the single family home market. Prices are not receding as I thought they would. And inventory is certainly not rising as I thought it would.

Today, there are 4257 properties for sale in Greater Victoria, according to this realtor's website. On March 22, I recorded 4311 properties for sale from the same website.

At the pace of sales so far this month, there should be approximately 330 - 340 SFH sold in April. Yes, this is less than last year, but not by much. Average sale price is hovering around $565000, the median around $525000.

The market peak for the year is usually in April and May. Perhaps what we are seeing is exactly to be expected. Any observations from the condo market?

Wednesday, April 1, 2009

March Sales Numbers

The VREB has released the March real estate sales numbers for Victoria. I got dizzy reading their report because of all of the spin!