Here is a quick one minute glance at how the Victoria Real Estate Market is performing over the past month.
Sales volumes statistics have little if anything to do with sales prices, averages and or price trends off course but over the next 24 to 48 hours our Victoria Real Estate Board and their creative spin doctors will try to create some way of making dismal sales volume reports sound like it is the best thing since sliced bread.
We are fortunate that our interest rates are very low and the economy in many parts of the Island, BC and the rest of Canada is either recovering or already showing strong results.
In Victoria this typically means that people will start moving here once people retire from their careers. This will start showing results in our local sales over the next 12 to 24 months, but until then, we need to expect that sales volumes will be substantially slower than what we have been getting used to from 2002 onwards.
One sign of encouragement is that the number of new listings on the market is starting to slow down and as such this will eventually help to balance the market with getting more in tune with the number of sales for each and every month.
Over the next few days we will prepare and post our monthly statistics for the 3 key areas we focus on in Greater Victoria, (Vic West, Esquimalt and Saanich West) but if you would like more details on any specific area or on your property, it is always our pleasure to meet and discuss how and where your personal situation and your property relate to the current market conditions, you might be surprised to find that this is in fact the best time for you to make a move....
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