Tuesday, August 31, 2010
The Market Is Slow But Still Moving
Lately we have seen a slowdown in the number of homes selling and inventory pilling up as a result. There are still sales happening at the same prices as we have seen all year but the volume of these sales has come down substantially (30% or so) to approx 500 per month. This is an unusually low amount of sales for Victoria. As the season moves on we may see more activity with buyers who feel comfortable investing the Victoria Real Estate Market return to the arena.
Subscribe to:
Post Comments (Atom)
I hear the Mortgage brokers are experiencing pre approval increases the last week or so. This could be good for the near future. Do you agree?
ReplyDeleteI have been reading in the news that Victoria's real estste market is soon to fall the way of the US real estate. Is this a possibility?
ReplyDeleteTom, Yes I agree, we have all seen an increase in activity over the past month or so. Open Houses are busier, numbers of properties for sale is on the decline etc. All pointing towards stabilization of the market.
ReplyDeleteMargaret, Thanks for the question, this is a big concern that many people I know are worried about. I do not see a fall in the market coming. We are busy helping people buy and sell homes, and our local economy is growing all the time, lucky for us. Victoria is a special place, with so many people who want to live here we just do not see the prices fall even in hard times like now.
ReplyDelete