The spring quarter (April and May 2013 so far)….has proved a different story from the previous 6-8 months since lending rules were modificed by the Government early last summer.
We realtors are actually writing more offers than at any time in the past few months. Financing continues to be tricky (for buyers with insured mortgages) with tons of additional questions asked by the insurers of mortages of less than 20% downpayment…..very picky – more so than we have seen in years……but as you have probably all read about, mortgage rates continue to be a bargain and buyers are putting pen to paper – finally.
Sales are up (in April & May 2013), prices are down. Sellers who “get that” continue to be successful with a good number of sales taking place right out of the gate. I had one competatively priced listing in May, held offers for 2 days, had 35 showings, 8 offers and it sold 37k over list price. Tricky but obviously a correct analysis of the market situation here and it worked.
But, and there always is a but, it was mentioned that unit sales across the board are down 9% from 2012 in the Greater Victoria area…….other stats that may be of interest:
GENERAL STATS FOR FIRST 5 MONTHS OF 2013 IN GREATER VICTORIA AREA: (all types of real estate)
# if units listed: -12% from 2012 (should provide for more balanced market)
# of units sold: -9% from 2012
Sales Dollars: -11% from 2012 ($ generated by real estate sales)
Average price per unit sold: -3% for 2012
Price ratio: Unchanged year over year – properties selling at 97% of list price
Days to sell: On market an average of 17% longer than last year