Housing market slow but will show growth
The real estate market is at a relative stand still with flat pricing over the past three years. The average housing price has fallen from the six month average in the Greater Victoria area, which includes Sooke.
In Sooke, four single family residential properties sold with an average price of $374,375, down from the six month average of $391,002.
No condominiums or townhouses sold in Dec. 2012 according to the Victoria Real Estate Board. Two manufactured homes sold with an average price of $112,450, up from the six month average of $45,100. Two residential lots sold for an average price of $412,500, up from the six month average of $204,310.
Single-family homes took longer to sell with more days on the market, condominiums took less time to sell.
Shelley Mann, President of the Victoria Real Estate Board said, “In December there were less active listings on the MLS® system than in recent months. With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011. We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations. The second factor is that some buyers are continuing to wait for the market to fall,” Mann said. “What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013.”