Market Update!

[Arran McLellan]

I hope you are doing well and enjoying the sun that we are still getting!!

I just got back from a trip in New York and it was good times and got to see the some great sites..... wouldn't want to live there though... lol

In regards to the Market....


Listings are still high at 4940 homes for sale. These levels are 14% higher than last year... Good for buyers as there is more to choose from and allows for better pricing.

The average prices for homes, condos and townhomes in victoria......

Homes $622,393 med price $535,000
Townhomes $436,039 med price $391,000
Condos $332,490 med price $279,900

It is better to use the med price as a general guideline as that value takes into account the last 6months-1years numbers not just the avg between high priced listings and current listings. However the best indication of what you can sell for is the recent sales in your area in the last 3months.

If you are looking to buy in today's market you have good news on your side.... Interest rates are low and will remain unchanged as Bank of Canada has no immediate plans to raise the leading rate. Also the inventory levels are at record highs which results in better pricing due to the supply and demand factors being out of line, in favor of the buyers.

If you are looking to sell your home there are a few factors to consider..... The levels of inventory are in favor of the buyer in regards to lower prices for the properties. Therefore, it is important to price your property according to what the market will realize for the property. Best way to figure out the proper pricing strategy is to look at the last 3 months sales in your area for similar homes and derive a price from there. It is also important to have your home in the best possible show condition as it will help the home sell quicker... The first 2 weeks are the most important, so price right, show well and be willing to take offers and work with them.

If you have any questions on buying or selling or would like to know how much your home is worth, please call me and I would love to help you make a smart real estate decision...

Arran