"Gonzales Bay, Victoria, BC near the border with Oak Bay, 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 information 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.
Once Again we see a very substantial reduction of the inventory, now for 13 out of the past 14 weeks. Based on this we see a slowly improving and strengthening marketplace, for most areas and property types in and around Greater Victoria.
This past weeks dramatic reduction in inventory is largely a notion of being the last week of the month.It is very typical in any month that completion dates and moving dates as well as the expiry of listings unsold take place at or near the end of the month.
It is also therefore predictable that a number of these cancelled and or expired listings will (re) enter the new listings inventory over the coming week and balance out the actual available inventory.
Having said this, the balance and confidence in the Greater Victoria real estate market is clearly returning. 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 segments still selling slower than others are the properties that are valued above the average price ranges in all property types
In our conversations with agents, buyers and sellers there appears to be an overall sense that buyers and sellers are expecting or planning to be moving before the holidays. We are seeing increased viewings and showings on active listings to kick off the Fall selling season.
With interest rates stable and not likely to move any direction for the next little while, we can actually see confidence and desire to move return and improve on a daily base.
We anticipate that this will result in further increased sales results between now and the end of November even early December. If you are planning of being settled in before the holidays this is the time to start thinking about taking action......
One obvious note to add to our review for this week....... 272 Price Changes, The most important reason why properties are slow in selling is the asking price, it is our experience, that if sellers want to sell their property in this 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 us, 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