Selling your home in Greater Victoria? Whether you’re in the heart of downtown, nestled in Fernwood, perched in the Highlands, or surrounded by ocean views in Cordova Bay, one of the most critical decisions you’ll make is how to price your property. Price it too high, and your home may sit on the market for months. Price it too low, and you risk leaving money on the table.So, how do you strike the perfect balance between a quick sale and maximum profit? The answer lies in a Comparative Market Analysis (CMA).
Contact me, Janine Thomson with the Victoria Homes Search Team, and let’s find your home’s true value in today’s market.
Did You Know?
Homes priced at or slightly below market value typically sell faster and for more money than homes priced above market—even in a seller’s market!
What is a Comparative Market Analysis (CMA)?
A CMA is a detailed report that examines the prices of similar homes in your area—those currently on the market, recently sold, and those that were listed but didn’t sell. In Greater Victoria, where micro-markets can vary dramatically between neighborhoods, a CMA is essential to pricing your home accurately.For example, a 3-bedroom home in James Bay may command a different price than a similar one in View Royal due to proximity to the waterfront, amenities, and even architectural style. A CMA takes all these variables into account.Why is a CMA Crucial in Greater Victoria's Market?
Greater Victoria’s real estate market has unique dynamics influenced by seasonal shifts, interest rate changes, and even international buyer trends. As of early 2025, the market is balanced—neither clearly favoring buyers nor sellers. This makes accurate pricing more important than ever.Here’s why a CMA matters:- Avoid Overpricing: Overpricing deters buyers and causes your listing to go stale, often requiring a price drop later. Properties that linger on the market can raise red flags.
- Avoid Underpricing: While pricing low can generate multiple offers, you could risk undervaluing your home—especially in desirable neighborhoods like Oak Bay or Fairfield.
- Set Realistic Expectations: A CMA gives you a professional, data-backed idea of what buyers are willing to pay, which helps you prepare emotionally and financially.
What Goes Into a Good CMA?
A high-quality CMA in the Greater Victoria market will include:- Recent sales data for homes in your neighborhood (ideally sold within the last 30-90 days).
- Active listings that represent your current competition.
- Expired listings, which reveal overpricing pitfalls.
- Adjustments for unique features, like ocean views, garden suites, renovations, lot size, or proximity to schools and parks.
- Market trends including average days on market, list-to-sale price ratio, and inventory levels.
💡 Tips to Price Your Home Right (with a CMA)
- Partner with a Local REALTOR®
A professional with local expertise—like someone from the Victoria Homes Search Team—knows the subtleties of each neighborhood and how to adjust for market shifts. - Don’t Just Trust Online Estimators
Online pricing tools can be wildly inaccurate. Rely on a personalized CMA for the most realistic evaluation. - Price Strategically
If homes in your area are selling around $899,000, consider pricing at $889,900 to draw more attention. The right price point can encourage competitive bidding. - Review Weekly
The market can change quickly. If your home isn’t getting showings or interest in the first two weeks, talk to your agent about re-evaluating the price. - Use CMA Insights for Staging & Marketing
A CMA can reveal what features buyers in your area value most. If homes with modern kitchens are selling faster, staging or minor upgrades can boost your price and reduce time on market.
Final Thoughts: Sell Fast, Sell Smart
Pricing your home isn’t a guessing game—it’s a strategy backed by data. With the Greater Victoria market showing balanced but competitive conditions, using a CMA to set your price gives you the best shot at a swift, profitable sale.📞 Want a complimentary Comparative Market Analysis tailored to your home?Contact me, Janine Thomson with the Victoria Homes Search Team, and let’s find your home’s true value in today’s market.
Did You Know?
Homes priced at or slightly below market value typically sell faster and for more money than homes priced above market—even in a seller’s market!