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Greater Victoria Real Estate Listing & Sales Activity From October 02, to October 09, 2011

Greater Victoria Real Estate Listing & Sales Activity
From  October 02, to October 09, 2011
Victoria, Esquimalt, Saanich Real Estate Market Watch

 "We Are very Grateful to Call Victoria, BC  Home,
it is a Pfanntastic Place to be 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.

Greater Victoria Weekly Residential, Real Estate Listings & Sales Update, Reported by the Victoria Real Estate Board for the Past Week.
New Listings New Listings 290
Back on the Market Back On Market 41
Added Inventory Added to Inventory (New Listings & Back on the Market) Total for the Week +331
Price Change Price Changed 281

Sale Pending

Sales Pending 115
Sold Listings Sold 60
Cancelled Listings Canceled Listings 58
Expired Listings Expired Listings 84
Reduced Inventory Inventory Removed (Canceled, Expired, Pending & Sold) Total for the Week. -317
Victoria real estate market update Inventory Change for the week

+14

Once Again we see that the first week of the month there are fewer reported sales and many of the expired listings from the last week in September have been relisted causing a slight (14) increase of the inventory. With now for 13 out of the past 15 weeks of inventory reduction. Based on this we see a slowly improving and strengthening marketplace, for most areas and property types in and around Greater Victoria.

As predicted a number of last week's  canceled and or expired listings did (re) enter the new listings inventory over the past 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 well above the average price ranges in all property types

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 number of 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......

We have to point out again in our review for this week....... 282 Price Changes,(read price reductions).

The Asking price is by far the most important reason why properties are slow in selling , 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.

Here is a link to the Victoria Real Estate Board Statistical Reports, and published every month.

Victoria Real Estate Market SnapshotPlanning 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

From October 02, to October 09, 2011.

 

 

 

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

Peter and Linda, good statistics and even better analysis of them.

Have a Happy Thanksgiving =)

Posted by Chris Smith, South Simcoe, Caledon, King, Orangeville Real Esta (Re/Max Chay Realty Inc., Brokerage) almost 9 years ago

Peter & Linda -- You are providing such valuable comprehensive information to both buyers and sellers in the Greater Victoria market.  There is NO need to go any further but to you for advice and representation.  Balance and confidence in the market.  Pfanntastic!  With the still low interest rates, now is THE time to get going and buy or put your house on the market to buyers who have a lot more purchasing power with the low rates.

Posted by Barbara Altieri, REALTOR-Fairfield County CT Homes/Condos For Sale (Kinard Realty Group Fairfield and New Haven County CT Real Estate) almost 9 years ago

Peter and Linda. I like that fact that you show 115 pending sales, which will be closing sales in a few days.  I love your chart will all the stats. Keep up the good work!

Posted by Jerry Newman, Texas REALTOR, San Antonio Military Relocation (Brown Realty, 210-789-4216,www.JeremiahNewman.com) almost 9 years ago

Hi Chris,

Thank you for your kind words and thoughts, we appreciate it.

Hi Barbara,

your feed back is excellent and accurate, we are in a great time in the market where value, interest rates and availability all combine to offer great opportunities for both buyers and sellers.

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) almost 9 years ago

Hi Jerry,

Thanks my friend, you are very kind we hope our local and not so local reader find great benefits in the information we provide them.

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) almost 9 years ago

WOW, now THAT is one Phanntastic Greater Victoria real estate market report!  I love your colorful chart and your explanation.  I have started doing a weekly report for the greater Charlotte area as well.  It makes it easy for the consumer to review previous WEEKS instead of searching through monthly reports.

Hope you both have a wonderful week!

Posted by Debe Maxwell, CRS, The right Charlotte REALTOR! (www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310) almost 9 years ago

Hi Debe,

Thank you so much, for your kind words we have learned much from you and others about the many different ways to approach and create reports, we hope our readers benefit from them.

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) almost 9 years ago

Hi Peter and Linda, I just love your market reports! They not only give the statistics, but an explanation for them. Vary valuable to those living in your gorgeous neck of the woods.

Posted by Cindy Westfall, ABR,GRI Your Tualatin & Portland Metro Real Estate (Premiere Property Group,LLC Portland Metro & Suburbs Oregon) almost 9 years ago

HI Cindy,

Thank you for your feedback, we try to add some context to the plain numbers for the benefits of our readers, hopefully adding value to their real estate plans.

 

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) almost 9 years ago

I’m so far behind in returning comments but I don’t want to give up.
So I’m visiting as many blog posts as I can today
to spread some Tuesday cheer.
That means I probably didn’t read this post,
which is not going to prevent me from leaving some Tuesday cheer.
Feel free to delete this comment if it doesn’t make you cheerful.

 

Happy Tuesday!

Posted by Not a real person almost 9 years ago

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