It’s time once again to look at lots and acreage. As usual, this ’survey’ focuses on a recent four week period and compares it with the same four week period one year ago. All local areas but Sooke are grouped together. Our primary focus is on lots zoned for single family development
Sales
If you saw the previous report, you saw that sales were up dramatically. For this report, the figures are reversed: sales were down to 7 in the recent report period from 11 one year ago. The average year to year increase in price was more consistent with my last report: once a ‘high end’ property was removed from the mix, the average selling price moved up about $42K.
Listings
At first blush the difference here seems big. Last year’s four week period saw 18 properties added to the list. This year the number was 41. My previous report showed a much more modest increase. Is the difference significant? I don’t think so: 25 of those 41 new lots for sale were all in one new Triangle Mountain subdivision. Nevertheless, they all add to available inventory and it will be interesting to see how the market absorbs them in the next few weeks and months.
Sales Velocity
A more significant year to year change is suggested by the sales velocity figures. On average time to sell during last year’s report period was 48 days. Compare that with 80 now.
Duplex & Multi Family Lots
Once again, it’s very difficult to provide any meaningful figures in this category because there simply isn’t enough consistent volume. Three were sold and none listed in the 2005 report period. None were sold and four were listed during the 2006 period.
Summary
Prices up, listings up, sales down, sales velocity down from a year ago.
Bye for now,
...Victoria's blogging real estate professional.
