Victoria's Truth always does a much better job of "having at 'em" than I ever could, so for now, I'll wait patiently for him and leave you with this highlight:
"Buyers now have a lot more properties from which to choose and the increase in sales points to ongoing high demand for properties that are priced realistically." emphasis mineOf course, Bev McIvor doesn't state unequivocally what "priced realistically" means but this suggests two things: first, VREB are finally admitting people are asking ridiculous amounts for properties; and second, prices are coming down, both average and median, not significantly, but a 1-2% drop in one month is a good start for me, especially in May. Prairie Boy always likes to use a football score in the Bulls vs the Bears game. I'd say the Bears kicked a field goal for 3 points at least.
Here's our market segment numbers as we've been doing up bi-weekly:
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.
129 total listings (15 new since May 17th, same as previous two-week watch)
89 total sales (10 sales since May 30, same as previous two-week watch)
sales to listings = 69% (no change)
14 taken off market (1 twice); the two new OMs are expired 90-day listings.
Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.
227 total listings (19 new since May 17th)
144 total sales (44 sales since May 17th, WOW!)
sales to listings = 63% (up 15% since May 17th, did I say WOW)
32 taken off market
I wonder if my last condo sales count was incorrect? That seems like a ridiculous jump in sales in just two short weeks. I can go through them individually, we I probably should do as punishment, but it's a long and tedious process that isn't happening right now, so we'll let that stand as is.
The low-end still seems a bit detached from the other market segments. This could be that as prices have increased, there is just less at the low-end.
As an aside: are you familiar with Russ Whitney, RE investor get-rich-quick guy? Received an interesting mail out from him promoting new workshops in town with this headline:
If the "bubble bursts," you can still make a fortune in real estate...Funny. As a buyer, I didn't realize you could make money on the way down. I mean you can't flip 'em for less and make money can you? Has Russ decided buy and hold is the new get rich quick scheme? I don't think rents cover mortgages and expenses anywhere in this town anymore, so that can't be it. Oh, I get it... if making money in RE was so easy, he'd be doing it and not making his money teaching it. But there is so much more money in teaching these days.
Here's a little stat Russ uses: "did you know that real estate has appreciated over 6,281% since 1940? I didn't. I would like to know if that number is true (I doubt it) and if it is, does it include everywhere where you can buy land in the entire globe, which it must to come up with something so obviously skewed. The mail out is BC specific in its content too... his marketers must really expect us to be like this guy. Too bad he's off the Internet... though I guess he no longer has a computer or a connection, or a car, house etc... you get the drift.