Real Estate Round Up

Yes, there seems to be a change in the real estate market these days. According to the Victoria Real Estate Board, ( VREB), sales for this September are up 16% over September last year. Sales for the third quarter are up 15% over last year.

"Once again we see more houses sold this month than last September," Victoria Real Estate Board President Tim Ayres says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."

This does not mean a jump in property values. In the VREB the average price is only up about 1%. This is what stabilization means. The same old story still applies. If it is priced well, it will sell. Of the 14 sales of Single Family Detached homes in September on Salt Spring, 4 of them sold within 97.5% of the asking price and were over just over the assessed value in an average of 42 days. The balance of them sold for 93.6% of the asking price at an average of 271 Days on Market after being reduced over time by an average of over 10% from the original asking price. We actually had several sell for over asking price. From a buyers point of view, the low ball original offer will not be as well received now.

Whew !!!! Numbers, numbers, numbers. The point being, as Realtors harp over and over, starting high and reducing the price nets a lower end result in a longer time.

Salt Spring Island - Real Estate Round Up 2014

John Cade
Pemberton Holmes Salt Spring Island
Contact me for a more personalized look at the market.

October 6, 2014 8:00 AM

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