Real Estate Information Archive

Greater Victoria home buyers have a growing number of properties from which to choose, as inventory levels rose to 4,477 properties available for sale at the end of June - up 23 percent from the 3,632 available properties a year earlier.

For the 2nd consecutive month sales have softened while overall prices showed little change.

Here are the July month-end market statistics posted as of Aug. 02, 2010  9:20am:

Please Note

• Left Column: stats for the entire month from this year
• Right Column: stats for the entire month from last year

Month-to-Date Market Statistics from July 1 - July 12 2010:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Month-to-Date Market Statistics from July 1 - July 12 2010:

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

Month-to-Date Market Statistics as of May 17 2010

As you can see by the numbers below, the tides have definitely shifted, and we are now in the midst of a more balanced, stable market.

The next couple of months will dictate what the remainder of the year will look like. With the HST coming into effect, there will be downward pressure on prices of new homes. The number of sales in Canada has dropped this month by 2.6% while the number of listings increased. For the entire country there is an average of 5.3 months of listing inventory available, which indicates a balanced market. 

Please Note

• Left Column: stats so far this month
• Right Column: stats for the entire month from last year

June 1, 2009

The Greater Victoria area housing market gained additional strength last month with a significant increase in sales along with firm prices. A total of 879 homes and other properties sold in May through the Victoria Real Estate Board's Multiple Listing Service® (MLS®), up 17 per cent from the 747 sales in April and up 14 per cent compared to the 770 sales in May of last year. Prices for single family homes and condominiums were up slightly while townhome prices showed little change.

Victoria Real Estate Board President, Chris Markham, says there is every indication the rebound in the market will continue in the months ahead, "For the past two months sales have been higher than in the same months a year ago and prices appear to be strengthening in key sectors." Markham noted that the number of properties available for sale dropped last month. In addition, continuing attractive interest rates and growing consumer confidence are helping to fuel activity which is particularly strong in the mid-price range. "Over half of the single family homes sold last month were priced between $400,000 and $600,000." There were 33 sales of single family homes over $1 million including six on the Gulf Islands. There were 3,789 properties available for sale at the end of May, down 13 per cent from the 4,332 properties available in the same month a year ago.

The average price for single family homes sold in Greater Victoria last month was $573,442, up from $550,736 in April. The median price also rose to $525,000. The six-month average was $550,756. The overall average price for condominiums was $306,971 last month, up from $292,252 in April. The average for the last six months was $292,766. The median price for condominiums rose in May to $279,500. The average price of all townhomes sold last month was $400,788, virtually unchanged from $400,695 in April. The median price dropped slightly to $375,000. The six month average was $397,224.

MLS® sales last month included 514 single family homes, 223 condominiums, 88 townhomes and eight manufactured homes. 

Its the 26th of April and spring sales are sizzling in Victoria, BC - yet the world is talking about a major recession???? Go figure. 

The number of unconditional sales from Apr. 1/09 to Apr. 26/09 is 608.  This is up from the proceeding month's activity of 602 sales... remember, the end of the month is still 4 days away!  These numbers indicate is a solid stable market - even though the number of sales is down in comparison to the 730 homes sold in April of 2008. 

As of today, the current overall listing count for the Victoria Real Estate Board (VREB) is 3846. These numbers indicate that we currently have just over 6 month's of inventory on the market; and according to economists "a balanced market has from 5 to 7 months of inventory for sale". Anything less is considered a sellers market, and anything more is considered a buyers market.

The VREB average number of sales in a given month ranges from 550 to 650 sales, reconfirming that we have reached a balanced market. 

Stay in tune for my future blog posts and my future market updates. If you have a topic that you would like me to address, feel free and email me at rob@robsoldit.com and I'd be happy to post it on future blogs.

Regards

rob