MONTHLY MARKET UPDATEThe August market continues the current flat and steady

trend we have experienced these last several months. MLS sales are down from this same period last year year from 542 to 462 residential transactions. The average price for a single family home was $590,843 with the median price of $530,000.

Our listing numbers have dropped slightly from last month to 5,034 active listings. September marks the beginning of a seasonal trend of diminishing listing numbers as we approach the year’s end. With the change of season and weather, many Sellers remove their homes from the market. Buyer activity however remains relatively unchanged resulting in the winter months being fairly lucrative for Sellers.

Our ab-sorption rate for August has leveled out at 8.8 months of inven-tory in the Greater Victoria Area. In

May this year the absorption rate peaked at 10 months of inventory. While we have seen a 1.2 month drop since then, we are still very much in a Buyers Market.

September

2012Compliments of

Holmes Realty Ltd.2481 Beacon Avenue

Sidney, BCV8L 1X9

250 656-0911www.holmesrealty.com

Scan to visit our Website!

HOLMES

REALTY

In the waterfront market, sale prices and sales volume have dropped considerably from this time last year. In August 2011, approximately 24.2 million dollars of residential waterfront had changed hands for the year with an average sale price of $1,344,694. August 2012 paints a different picture with only approximately 11.8 million dollars of sales to date and an average price of $906,615. This represents a –32% drop in aver-age sale price of residential waterfronts.

The single family resi-dential and townhouse markets have seen similar corrections in total dollar volume, both segments down approximately –30% in dollar volume. However, average sale prices have remained largely unchanged from this time last year. The condominium market stands out as recording little to no difference in activity from last August.

While some market segments are seeing a slowdown in both price and pace, our own experience overall is a steady stream of purchaser activity. Buyers are actively interested in viewing new product as it becomes available and are not afraid to put pen to paper when price and condition are competitive.

As previously mentioned, entering our fall market, Buyer activity generally remains stable against a diminishing inventory. This historically results in a slightly less competitive market for Sellers, higher quality product for Buyers and a marketplace which is more fluid and moves well positioned property in a more timely fashion. •

Sales Volume/Total Dollars (comp. to Aug 2011)

Residential

-27%Res. Waterfront

-51%Condominiums

-6%Townhomes

-32%

462