Sunday, July 1, 2007

June Low-end Market Watch

First off, my apologies for the lack of writing this week. I had two finals on Friday and have been feeling genuinely uninspired and wanted to save you from some of the potential drivel that could have been published here, so I stayed away.

On to the count:

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.

151 total listings (13 new since June 15)
112 total sales (11 sales since June 15
sales to listings = 74% (up 1%)
16 taken off market (1 twice)

Our criteria for condos is 2 bed 1 (or more) baths under $250K. Again, total numbers since late January.

268 total listings (21 new since June 15)
172 total sales (17 sales since June 15)
sales to listings = 64% (up 1%)
42 taken off market

Slight decreases in inventory during the last two weeks of June. It will be interesting to see the June numbers out of VREB, I'm guessing based on these observations and the notes over at Victoria's Truth, that the bear points scored in May was a short-lived rally. The increases in interest rates have not provided a loud enough scare yet apparently; although even our agent concedes the market has changed. I'm not expecting increases in sales prices, just overall sales. I'm guessing that the market has flattened considerably in terms of price. Can't tell you the last time we saw something sell for over list in our segment.

Hope everyone has a great holiday weekend. If you're stuck at work like I am today, spend it pondering this question: are we more like our cousins to the south out here in the west, our like our brothers and sisters east of the lakes? Canada Day, eh?

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