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Victoria West Real Estate List to Sale Price Ratio Review

Victoria West List to Sale Price Ratio ReviewVictoria West Real Estate List to Sale Price Ratio Review

In today's review we focus on the Victoria West area of Victoria and analyze how the current and recent sales prices relate to original list prices for the 3 key property types, single Family homes, Strata Condominiums as well as Townhomes & Duplexes.

In Victoria West (Vic West) the very limited number of sales are a significant indicator of lack of demand in an area at this time. This does not mean the area is not appealing or desirable, just that buyers are clearly very particular as to where they will or will not buy given the options at their given budget.

With only 33 total reported MLS sales in Victoria West ince June 22, 2010 and hundreds currently for sale, it is typical that the ratio spreads will be much more dramatic.

The limited number of sales for any specific property type or price range is still interesting, however not reliable to determine trends or market direction.

In regards of the largest represented group of properties sold (Condominiums between $ 300,000 and $ 600,000) we would conclude that we are still in a Buyers Market for condo's in that price range, with a sale to list price ratio lower than 96% and it still takes more than 45 days to achieve a sale on average for these properties that did sell.

Hence we would expect prices for Victoria West Real Estate, as far as Mid and High end Condominiums, Town-Homes and Single Family Homes to continue to decline somewhat for the next period of time, until such time buyer confidence returns and we are seeing a return to sales to list price ratio's at or near the 96 to 98 % and sales occurring within 45 to 60 days from listing date.

At the bottom of this blog post is our interpretation of what represents a sellers, balanced or buyers market conditions.

As always we caution you to make any assumptions from general market reviews 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.

Victoria West List to Sale Price Ratio ReviewYesterday we published our Greater Victoria Real Estate List to Sale Price Ratio Review, in it we took a birds eye view of the Victoria market place without splitting out any one geographic area. this blog can be viewed here.

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.

Thank you for reviewing our

Victoria West Real Estate List to Sale Price Ratio Review

 

 

 

Peter Pfann,

CPCA, ABR, SRES, E-Pro, IMSD, Master ASA, C-CREC, Associate Broker.

Text or Talk To Peter @: (1) 250 - 213 - 9490  

peterpfann@gmail.com  www.pfanntastic.com

Pfanntastic Properties in Victoria, BC, Canada, @ Fair  Realty Since 1986.

Regional office: 1540 Fort St Victoria, BC V8S 5J2

 

Comments

Great compilation Peter....

Posted by Stephen Foster (Macdonald Realty Victoria Inc.) over 8 years ago

Thanks Stephen

 

Posted by Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986., Talk To or Text Peter 250-213-9490 (eXp Realty, Victoria BC www.pfanntastic.com) over 8 years ago

Participate