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A more balanced market for 2011?

By Howard Sanders • December 6th, 2010

According to the Victoria Real Estate Board’s (VREB) recent release, the market in 2011 will remain balanced.

“Dennis Fimrite, 2011 President of the Victoria Real Estate Board, says that balanced market conditions in the Victoria area housing market are expected to continue well into the coming year.  Fimrite noted that real estate sales have picked up in recent months and that continuing attractive mortgage rates will help spur market activity, “The low mortgage rates and the relatively stable economic environment have both contributed to the current balanced market and there is every expectation that stable market conditions will continue in the coming months.”

And what of Pender Island? In my opinion we are still at the tail-end of a buyer’s market with some overpriced inventory still slowing sales. At the time of writing we have 150 current listings, 60 of which are bare land. This is higher than average although it is beginning to drop significantly as older listing are expired and withdrawn. Also, I have noticed that some new listings are appearing at prices which more reflect current market value. This is good, and there have been a few closes this month in what was otherwise a sluggish market.

Pender listings are still leaning too far the wrong way

Professionally and by nature I’m an optimist, so I’m going to stick my neck out a little. Land is land. We all want it and they’re not making any more of it (except in Dubai, but that’s another story). Global disasters aside, in my opinion our Pender market is in the first stages of a tentative recovery. I know it’s not readily apparent from the news out of CNN, Fox News, CBC or the BBC, or even in the amount of “For Sale” signs still apparent as you drive around Pender,  but I feel a change in the wind. Just a slight one, but a change nonetheless. It probably won’t really start until after January 2011, Christmas is coming after all, but I’m predicting that buyers will start to appear as the year progresses beyond spring. According to the stats from my website I know they’re out there. People are looking, calculating and waiting for the right time. All they need now are listings within current market value, and sellers who want to sell.

This is more like it!

 

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