The world of Real Estate has seen some major changes over the last decade as more and more consumers are using the internet to become better informed about the world around them. If a person is thinking of buying a home in Victoria, they can read the Real Estate Section of the Times Colonist, they can visit their local RE/MAX office and see listings posted, they can drive around the neighbourhood they are interested and look for “For Sale” signs; but most people begin their search on the internet, either by having hot new listings sent to them by their Agent, or by searching http://www.realtor.ca

This means that buyers are better informed about local market conditions than ever before, making it more important for seller’s to price their homes realistically if they want to be noticed in the above-average inventory levels we are experiencing today. We are seeing a 97% Sale Price to List Price ratio across the real estate board, meaning buyers are willing to pay when the price is right, but only about half of what is listed is selling. If you want your home to be noticed it has to be priced right.

Curious what average selling prices have been?

There were 527 sales through the Victoria Real Estate Board last month, down slightly from the 625 sales in June. Although higher this year than July 2009, inventory levels are beginning to decline with only 4477 properties for sale at the close of the month, compared to the 4730 properties available at the end of June. It’s widely believed that this is the beginning of a return to a balanced market, as those sellers who were “testing the waters” with unrealistic prices become discouraged and leave the market.

Overall, there is still excellent selection for buyers out there, and with the global economic situation still unbalanced, interest rates have remained very attractive. As buyers shop around and compare properties, the average days on market for a home to sell is beginning to lengthen, but it is an exciting time for Victoria’s market, and if your home is marketed appropriately, you can still get a fair price in a reasonable period of time.

See the Total number of Listings and Sales for July here