It's interesting, you know...real estate in Oak Bay. People might think it's a knock out punch every time a property here gets listed. The assumption might be that the sign goes in the ground and before the ink is dry on the listing agreement...there are a pile of offers waiting to be gone through.
Well, that has been the case in the past but over the last few years sales here in OB have been as challenging to complete as ever. I created an infographic document (click here to view) in order to show graphically just how difficult it can be to sell properties in Oak Bay.
For instance take Single Family Dwellings (SFD) in all parts of Oak Bay. Properties of this sort which were Listed for sale between January 1, 2013 and December 31, 2013 totalled 413 in all. As you can see in the first graphic in the infographic...224 of those listings sold the first time they were listed. Sounds great, right? Afterall...those 224 solds represent 54.3% of all listings.
And those 224 sales took only 36 Days on average to sell. I'd say that's an ideal period of time to be on the market. Just over a month! Not too quick, not too long. Might just point to a list price that was accurate and in line with the market. Well done!
That's the group I bet we'd all want to be a part of. But if you've had your SFD for sale in Oak Bay through 2013 and you remain unsold...then unfortuately your listing falls into the 45.7% of UNSOLD listings.
45.7% of the total 413 listings is 189 unsold homes. So...what's the big deal right? Well...there are a couple of things you have to look at to see to get the idea...Instead of being on the market for an average of 30-something days like accurately priced homes in Oak Bay were...these UNSOLD listings were on the market for a median average of 97 Days...that's 2.7 TIMES LONGER THAN SOLD LISTINGS.
So next time...before you list your home for sale...Get a 2nd opinion...Sell your home the 1st time and save yourself the headaches of listing two or MORE times...On average, having to list your home a second times will push your total number of days on market to 97 + 36 = 133 Days!!!
A 2nd opinion like the one I will do for you will use market statistics like this but more importantly will identify what's SPECIAL about your Home. That afterall is your competitive advantage. All homes are not the same...I get that. So what I'll do is market your Unique Selling Position to the group of most likely buyers at a price that's at and above where the market is telling us it will go out at. We don't want to leave any money on the table, right?
What do you think of the INFOGRAPHIC as a whole? (click here to view)