Greater Victoria Real Estate Listing & Sales Activity
From November 13, To November 20, 2011
"Ten Mile Point Saanich, Looking at Mount Baker, near Victoria, BC
is a Pfanntastic Place to call Home"
Every Week Peter and Linda Pfann take a quick reading of the Greater Victoria Real Estate Market (based on MLS information) for you. Below is our overview of the Victoria Real Estate Market over the past week.
The Vancouver Island BC Communities and Areas included in this Greater Victoria Real Estate Snapshot are:
Victoria, Saanich (East and West), Central Saanich, North Saanich, Sidney, Oak Bay, Esquimalt, View Royal, Highlands, Langford, Colwood, Metchosin, Sooke, Malahat.
If you would like to receive regular updates about real estate activity in your area, or the area you would like to move to, please use our Free Market Snapshot Tool that offers you to receive highly personalized and detailed property and statistical information at your fingertips.
It would appear that we are now in the Seasonal Count Down, with substantially fewer listings reported this week compared to last week.
But we continue our trend of inventory reduction with 19 out over the past 21 weeks of substantial reduction of inventory.
We are still seeing lots of people at our open houses, indicating that some people are still trying to buy a new Home to put their Christmas tree into "this year".
Further confirming that there is no doubt that we see a slowly improving and strengthening marketplace in Greater Victoria, for most areas and property types in and around the lower Vancouver Island region.
We nearly completed a series of analysis of all the individual 13 communities in the Greater Victoria area, which will offer a more detailed perspective on the single family home market place in and around Victoria. (you can read these reports here).
Balance and confidence in the Greater Victoria real estate market is improving. Although there are still some segments in the real estate market that are a bit softer than others, but clearly we can now truly talk about a real estate recovery in and around Greater Victoria for most property types and locations. The number of Sales continue to be below last year and actual sales prices are still more or less the same.
Over the Past weeks we personally have seen an increase of inquiries and activity, which seems to be mirrored by what we are hearing from other agents, however this is not yet showing in the statistics, because of the delay time between showings and writting offers and those sales actually being reported as sales. I would appear that we are having a slightly busier November than what we would typically expect during the pre- endo of year holidays season.
In short, dependent what your plans are with your real estate decisions, it is very important to consult with your trusted real estate expert to develop a strategy that will optimize your options and opprtunities. (we would like to apply to become your trusted expert).
We continue to point out in our weekly review....... 150 Price Changes in one week,(read mostly price reductions).
"Deciding on The Right Asking Price is by far the most important decision sellers make to assist the sale of their property and why properties are Selling"
"(or why they are not selling)."
- It is our experience, that if sellers want to sell their property in this still softer and more fragile market, our best advise to potential home sellers is to trust your agent and the price recommendations they offer you based on their comprehensive market value evaluation.
- If you need a 2nd opinion, please do not hesitate to contact Peter and Linda Pfann, and it will be our pleasure to complete either a summary evaluation for you (see below) or provide our 60+ page, complete evaluation report which also includes our suggestions for optimizing the marketing results for your property.
Notes on our Weekly Review statistical information:
- If The Number of Properties Removed from the Market Exceeds the New Inventory for a longer period of time (3-4+ months) the market is active, and prices will level and eventually increase.
- When The Number of Properties Added to the Inventory Exceeds the Number of Properties Removed from the inventory for a longer period of time (3-4+ months), the market is slowing down and prices will remain level or likely reduce.
- Monitor our Victoria Real Estate Daily Market Watch over a period of time and you can easily see how the Victoria Real Estate Market is progressing.
- As always it is nearly impossible to apply the generalities of the entire market place to your particular personal situation, we encourage you to always best to consult with your local real estate specialist (in Greater Victoria that would be Peter and Linda Pfann off course). It would be our pleasure and privilege to review and discuss all your plans, dreams and options, in total confidence and without obligations.
Planning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, includingnew listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!
Greater Victoria Real Estate Listing & Sales Activity