Greater Victoria Real Estate Absorption Rates May 2011
From time to time we like to take a different look at the Greater Victoria Real Estate Market Conditions.
Using Absorption comparisons between current inventory (what is for sale) and current/recent sales can very much show the current energy and momentum in the Greater Victoria Rea Estate Market.
Today we are taking a look at Current Listings as at May 30, 2011, as well as Pending and Completed Sales in the Greater Victoria Real Estate Market for the Month of May up and including May 30, 2011.
If anything we are clearly in a set of Greater Victoria Market Conditions that can be interpreted in a variety of ways.
Below the Table we have provided some excellent ways to make this table work for you and decide how to develop the best possible Home Buying or Selling Strategy in Greater Victoria.
|Property Type||All Listings||New Construction|
|Single Family Homes For Sale||1610||150|
|SFD Pending Sales||249||19|
|SFD Sales Completed||22||9|
|SFD Months of Inventory Based on Current Sales Results||5.9||5.3|
|Condominiums For Sale||1119||212|
|Condo's Pending Sales||86||13|
|Condo's Sales completed||20||5|
|Condo's Months of Inventory Based on Current Sales Results||10.5||11.7|
|Duplexes & Townhomes For Sale||524||149|
|DP & TH Pending Sales||60||10|
|DP & TH Sales Completed||6||0|
|DP & TH Months of Inventory Based on Current Sales Results||7.9||14.9|
Months on Market Range
Months on Market Range
Months on Market Range
For Current and or Potential Sellers in and around Greater Victoria
Please note the inventory numbers for the type of property you own.
For example if you have a single family home, you will be one of 1610 homes for sale, as of today, and if you needed to sell (for your personal reasons) relatively quickly, and see that in todays market In Greater Victoria it may take between 5 to 6 months to sell your property, this information can become a good indicator how to best achieve a sale within the time frame you have set to have your property sold and have you moved.
If for example you needed to be moved in 3 months (again for your personal reasons) there are only a few options that might give you a reasonable assurance that the property will be sold within the time frame you are needing. They are (aside from Hiring Peter and Linda Pfann to assist you) :
- Below Market Value Price
- Better than Average Terms (extra's, inclusions, pay for expenses, fees etc)
- Better than Average Conditions and Presentation
- Better than Average Marketing and Sales Efforts (which is why you Hire Peter and Linda Pfann).
Conversely if you are not in a real need to sell, and just want to test the market.......... Our Best Advise, sit back, relax and wait a few years with testing...... The sooner we have our Greater Victoria Real Estate Market reduce to the point that there fewer than 3 months worth of inventory, the sooner you will prices increase to a point that it will be worth your while to "test" the value of your property.....
- To be certain as to the current value of your property we offer Free Complimentary Market Evaluation Reports, this would require a visit to your property for about 1/2 hour to collect some information and data, and a follow up visit of approx. 1 hour to review and discuss our findings with you.
- We also offer a Free Web Based Evaluation and Estimate tool that will assist you with estimating the value of your property and will keep you updated on a monthly base.
For Current and or Potential Buyers in and around Greater Victoria
Please note the inventory and sales numbers of the type of property type you are considering.
For Example, if you are considering to buy a Condominium you can see that today there are 1,119 suites for sale and with about 110 sales in the pas month, it would be logical to assume that you may find just the right suite in the right location and be able to negotiate just the right deal for you (provided that we are dealing with sellers that want and need to sell)
Having Peter and Linda Working with you to find and negotiate the purchase of your Pfanntastic Home, will ensure that you have the benefit of our 25+ years worth of experience in the local Greater Victoria Real Estate Market negotiating with you best interest in mind can really .
We offer Free Consultations to assist potential and future home buyers to develop the best possible strategy to go about buying just the perfect home for you, regardless if this is your first home or if you are planning on Downsizing, retiring to, or moving from Greater Victoria.
- In addition we offer our Free All Inclusive Personalized New Home Search System, that will keep you updated and informed about all the new listings and changes of home options that may suite your best need on your schedule by email..
- We also offer a Free Monthly Greater Victoria Monthly Market Update, which includes not just the new and updated listings, but also offers, market statistics, sales and those properties that where removed from the market.