November was a pretty good month in Victoria both in terms of sales volume and price stability. As usual your interpretation of the data that came out of November may be skewed by who you're reading these days. Those in the bear camp continue to doom and gloom, writing about how terrible the volumes are and how the huge correction will come soon and we'll see 20-30% drops in prices across the board. These people are nuts!
Without throwing a sinkful of numbers at you I'll focus on two.
Victoria Sales Volume; we were 10% off the average for November's in Victoria for the past decade. Worse than last year, better than 2 years ago.
Given all the hoopla about how horrible the Victoria market is - this should be viewed as quite a positive result. Saavy buyers are seeing the opportunities and are coming back into the Victoria market.
Victoria Home Prices: Up. Marginally, but up nonetheless.
Again, for all the bad news that is spouted out there, the reality is that our Victoria market is holding quite nicely thank-you - and in fact has throughout these "troubling economic times"
Conclusions? Volume climbing over the past several months, prices holding and inventory levels beginning to drop - this points to a firming of market conditions and what I'll call a typical Victoria spring market coming next year.
There are still deals to be had, so if you're thinking about buying, do it now before we see firmer prices and greater numbers of buyers in our spring marketplace - and a reminder - Spring market in Victoria starts mid to late January!