We've put this off long enough. We've been extremely discouraged by what's happening in our end of the market over the past month or two; I couldn't bring myself to actually take the time to sit and tally the results. I won't do another detailed accounting today either, I just don't want the tears.
Our criteria for houses is under $425K with a suite or suite potential. These are total numbers of listings and sales since late January.
90 total listings
60 total sales
sales to listings = 66%
5 taken off market (1 twice?); 1 re-listed and removed again
3 most recent sales this week went over list. When we started looking, we were told it was the condo market that was hot and houses weren't moving as fast or prices moving up as quick. This hasn't been the case in our minds.
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
159 total listings
76 total sales
sales to listings = 48%
15 taken off market; 5 re-listed
Hasn't been a recent over-list sale for at least one-month. Many price reductions (guessing at least 10% of total listings have had price reductions).
- Are people selling their condos and trading up into houses? If so, this may explain why there is much more action in the SFH market compared to condos.
- The rise in listing numbers widely reported through VREB and over at Victoria's Truth has been mostly listings over $700K. Is this a relatively small section of the market? I can't imagine that most of Victoria's homes are worth that much?