I have been reading posts lately about how the market in the States is a buyer's market. Here it is still very much a seller's and no sign it is slowing.
I was particularly impressed by Price is King (Elvis Has Left the Building) by John Lockwood as that still holds true regardless of the trends. With this in mind I ran some numbers from the MLS for our area and was suprised by what I saw.
For Active Listing the average list price for a single family home was $598,000 with an average of 75 Days on Market. The Solds since May 1st had an average selling price of $389,000 and 62 days on market. Several properties sold over asking and the highest selling price was just under $700,000. Other REALTORS in the area were commenting that priced right, we are seeing multiple offers, overprice by 10% and they sit and stagnate.
Sellers are still want to list their properties higher than they should, and are reluctant to lower the price when it is recommended.
Jeff specializes in residential and commercial real estate. He services Qualicum Beach, Parksville, French Creek and all other areas within the Oceanside community on beautiful Vancouver Island.
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Hi Jeff,
Interesting stuff. I'm in so-cal and like many other areas our market is now slower. We have approximately 12-13 sellers for each "real" buyer in the marketplace. In my city the average price is $700k or $925k depending on which of the two zip codes you live in. People are still buying however homes do need to be properly priced or they will just sit.
Thanks for the update in your area.
Hi Lynda,
We have about 10-15 buyers for every seller. The average age here is just over 58 years and going up every year. People are moving here from all over Canada because of the climate, year round activities and views. Ocean, snow capped moutains, salmon fishing, skiing, golf all add to the attraction.
Jeff in my market listings are down 14.5% yet sales are up 6.5% making for a very good market for homes that are priced right. Over-priced homes will always sit regardless of the market.