Greater Victoria Real Estate List to Sale Price Review
Many people enjoy and find statistical information about Victoria Real Estate very interesting.
The dilemma is that statistics are not always correctly interpreted by the media and hence the general public. This is partly to blame to due the information provided , the complexity of the information and or how the information is being reviewed.
We hope that the property sales review included in this review clear up a number of possibly long held mis-conceptions about the Victoria Real Estate Market place.
When we look at Greater Victoria Real Estate actual sales activity, and trying to determine from these sales how Victoria Home buyers and sellers are arriving at acceptable sales prices (market values) is one way by which we often try to establish what the mood and trend in the market place is.
What we look for are the spread or difference between list and sale price as well as the time on the market to monitor the confidence, mood, and direction of the Victoria Real Estate market place.
We have included an overview of sales results for the 3 key property types (Single Family Homes, Strata Condominiums and Town-house/duplexes) sold in our region and have broken these 3 property types down in 3 distinct price ranges Low, middle and high end) in order to show how significantly different each price range and each property type is affected by the current market conditions.
Below the spreadsheet is "our" review of buyer, seller and balanced market conditions, many agents use their own interpretation to review information.
Today we wanted to give you a rather broad overview, and as always we caution you to make any assumptions from this review in relationship to your own property and or properties that you might be considering to purchase in the future.
If you have any questions, concerns or observations about this review please do not hesitate to contact us. Over the next few days we will publish similar reviews Specific to Victoria West, Saanich West and Esquimalt.
Given a reasonable sample of number of properties available, similar property types, price ranges and locations and time frame we offer the following ways to determine strength and or weakness in the market place.
Days on the market means the number of days between the property being listed and the date of a subject free (unconditional) sales contract existing. (it does not reflect the moving date or the date a contract with conditions (subject too's) was entered in to).
We typically consider Sales to List price ratios of 98% or higher of the listing price as a good indicator of a healthy to strong sellers market. particularly when combined with less than a 45 days on the market average.
Sales to List price ratios between 96 to 98% off the listing price and selling within the 1st 45 days on the market we consider as a balanced market.
Sales to List Price ratios lower than 96% of the listing price and selling in more than 45 days are a good indication of a buyers market.
As the Review indicates for most property types and price ranges we are either in a Buyers market, with some segments at or near a Balanced Market.
High End Single family homes, Mid and High End Strata Condominiums are obviously the property types and price ranges that buyers and seller are seeing the biggest spreads between asking and sales prices as well as the longest periods of time on the market.