Victoria Real Estate Blog - Victoria Real Estate News and Information: Saanich West BC Single Family Home Market Update September 2010

Saanich West  BC  Single Family Home Market Update September  2010

About Saanich West (Victoria, BC)

The overall softening in the Victoria Real Estate Market in General continues with continued low number of sales. The  Saanich West Single Family Home Real Estate Market is no different. This market adjustment is very moderate and is offering buyers great opportunities and selection of all home types at reasonable prices. 

The Stats below, will offer you many different ways to review and analyze the current market conditions and activity in the area, also interesting to note is to compare this year with last years, activity, prices and other stats. We hope you enjoy this review of the  Saanich West Market for this month. 

A few observations from the Saanich West Single Family Home information provided for market activity during the past month;

• Although the number of sales is still lower than a year ago, the gap is not as large as it has been. ( August 2009, 37  - September 2009, 37  vs August 2010, 16 - September 2010, 26)
• Average monthly sales prices are slightly below those of the same months in 2009,  September 2009 was $ 533,000 vs  September 2010 now $ 526,000 ($ 7,000 below last year). 
• 6 month Average Sales Prices between 2009 and 2010 show that the more meaningful average prices show a substantial higher level 2010. (2009 $ 519,000 - 2010 $ 571,000) and increase of $ 52,000 or 10% from 2009.
• There are currently 110 Single Family Home Listings available for sale in Saanich West and with the reported 26 sales in the past month at current inventory and sales inventory, there is slightly over 4 months of inventory. As such  the Saanich West Single Family Home Market appears to be recovering to now a balanced market place. If the current absorption levels are sustained for the next 3 months we can speak of a trend towards sustained recovery.
• If you hope to buy a Single Family Home at the lowest price in Saanich West (and possibly for other core areas in Greater Victoria), this is possibly a great time to seriously explore your options. 
• It appears that we are nearing the possible recovery of the Saanich West Single Family Home market.

foot notes,

• All the statistical information in this review is from the VREB MLS statistical information and does not include information from private sales and or builder / developers.
• With limited number of sales, sales Price Averages and Median Sales Prices commonly cause substantial changes from month to month, and as such should not be used as a reliable indicator of market trends.
• It is impossible to predict or anticipate the exact moment prices are at its lowest,  the best way possible is by reviewing  the number of sales, the number of sales and overall absorption of any property type at current price levels...
• Once the sales volume maintains the currently available inventory at  4-7 month levels for 3 months we have likely entered a balanced market  period.
• The information provided is believed to be accurate and complete from the sources stated, however this information should not be used strictly in order to establish the market value of your property and or to make decisions about your personal real estate plans. 
• We would encourage you to contact Peter and Linda Pfann at your convenience so that we can assist you with developing the best real estate strategy and plans for you to ensure that you and your family will achieve your desired real estate results.

 Real Estate Activity for Single Family Homes  in Saanich West for September  2010.

Saanich West Single Family Home Active Listings Statistics For September  2010.

See clarification for abbreviations at the bottom of this post.

  Saanich West Single Family Home Sales Activity Statistics during September 2010 and Market Comparison 2009 Vs 2010

Clarification for Rows; 
Min - Minimum, Not necessarily from the same listing 
Max - Maximum, Not necessarily from the same listing  
Avg - Average of each Column 
Sum - Total of each Column 
Clarification of Columns; 
Price List -  The Current list price of the properties included 
Price Sold - The Sale Price of the properties included (when sold) 
Price Original - Original List Price of the properties included 
Assessed Value - BCA Assessed Value for Property Tax Purposes 
DoM - Days On Market 
S/L - Sales to list price ratio (sold price divided by list price) 
L/A - list price to Assessed value ratio (list price divided by Assessed Value) 
O/FinSF - Original Price to Finished Square Feet Ratio 
L/FinSF - List Price to Finished Square Feet Ratio 
S/FinSF - Sale Price to Finished Square Feet Ratio 
A/FinSF - Assessed Value to Finished Square Feet Ratio