In today's review we focus on the Saanich West area near 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 Town-homes & Duplexes.
In Saanich West the number of sales are a significant indicator of lack of demand in an area at this time. Saanich West offers a good cross selection of all types of property available and sold in the current market place, with good property diversity and a great many options of price ranges.
With 100 total reported MLS sales in Saanich West since June 22, 2010 and hundreds currently for sale, Saanich West is proportionally one of the more active areas in the Greater Victoria area.
This is reflected in a near balanced market in the Lower end single family homes and a balanced to seller market results in Mid Price range Town-homes & Duplexes.
Middle and High End Price Range Single Family as well as Condominiums are clearly in a Buyers Market with substantial sales price spreads from the original listing prices (93 - 94 %). One small consolation in Saanich West is that the number of days from listing to an actual sale is relatively short ( 38 - 55 days). In general Town-Homes and Duplexes in Saanich West are doing reasonably well with healthy sales to list price ratio's and solid to quick sales results.
We would suggest to compare the Saanich West results with those we published recently for the Greater Victoria Area (follow the link)
Hence we would expect prices for Saanich West Real Estate, as far as Lower, 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.
Earlier this week 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.
When there are limited number of sales (3 or fewer) for any specific property type or price range the information is still interesting, however not reliable to determine trends or market direction.
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.
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Saanich West Real Estate List to Sale Price Ratio Review