Sorry this is a bit late.
Our area of interest is Oak Bay, Victoria, Saanich, View Royal, Esquimalt, and Langford.
Our criteria for houses is under $425K with a suite or suite potential. These are total numbers of listings and sales since late January.
114 total listings (15 new since April 30)
79 total sales (10 sales since April 30)
sales to listings = 69% (down 1% since April 30)
12 taken off market (1 twice); 1 re-listed at $20K less than original list price; 1 re-listed and sold at $22K less than original list price; 1 re-listed and sold at $12K less
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
208 total listings (20 new since April 30)
100 total sales (4 sales since April 30)
sales to listings = 48% (down 3% since April 30)
28 taken off market; 7 re-listed, 2 sold within 2.5% of original list.
Our thoughts: SFH market is still moving in a direction we're not comfortable with: prices are going up, sales continue and listings are slow'n'steady.
If we weren't aware of the real state of the market, on paper the condo market looks to be in favour of the buyers. The reality is though that we're not seeing the kind of price reductions we'd like to see to bring condo prices back in line with historical averages. We'd look seriously at buying when the one's listed now at $220K come back down to $199K or less. If the trend continues and most of the listings are must sells--as opposed to testing the market--then things are looking encouraging. Maybe we'll start shopping again seriously in the fall.
But then again, this is enough to make us think thrice before ever buying a condo.