Real Estate Information

Month to Date Numbers

Monday, July 12, 2010

by Rob Cvitanovic

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

	MTD	July
	2010	2009
Net Unconditional Sales:	155	933
New Listings:	399	1,357
Active Listings:	4,428	3,632

Please Note

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

The 1st two weeks of July indicate a "cooling" trend in sales, in comparison to the same period last year. At this same time last year, we had 360 pending/closed sales of the first 12 days of June. This translates to a drop of 55% in the number of homes sold for the first 12 days of July 2010.

On the flip side, the number of new active listings for this same 12 day period is also less than that of last year. A year ago there where 515 new listings that came onto the market between July 1 - July 12, 2009, while this year there were only 399 new listings during July 1 - July 12, 2010. This amounts to a drop in inventory of 22.5%

However, when we look at the bigger picture, the year to date indicates that we are definitely in a buyer's market. The number of active listings this year-to-date is up over 22% over the same time period last year, and we are on pace to reach 465 sales for the month. Based on these numbers we are expected to have a 9 month supply of homes on the market, which translates to some better prices and better buys for those considering purchasing real estate.

If you have any real estate related questions, or wish to find out what your property is worth in today's market, give us a call at (250) 704-6970. We'd be more than happy to assist you in any way.

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The numbers for June 2010

Friday, July 02, 2010

by Rob Cvitanovic

Spring Sales Soften in May - Choices Increase for Buyers

June 1, 2010

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

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Updated Weekly Stats

Monday, June 28, 2010

by Rob Cvitanovic

Month-to-Date Market Statistics as of 8:00 am on Monday, June 28, 2010:

	MTD	June
	2010	2009
Net Unconditional Sales:	552	946
New Listings:	1,294	1,436
Active Listings:	4,559	3,794

Please Note

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

As previously noted, we are experiencing a "shift" in the market due to heavy financing constrictions imposed on home buyers and investors.

A large portion of the buyers pool has been squeezed out of the market due to changes imposed by CMHC. Now, first time buyers must have 10% down and have to be able to qualify based on a 5 year rate posted rate (currently 5.54%). Previously, 1st time buyers were only required to have 5% down and needed to qualify based on the 3 year posted rate, which is usually 1% to 1.5% less than the 5 year posted rate.

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Month End Stats - May 2010

Wednesday, June 02, 2010

by Rob Cvitanovic

Month-End Market Statistics

Posted Tuesday June 1, 2010 8:00am:

	May	May
	2010	2009
Net Unconditional Sales:	695	879
New Listings:	1,621	1,362
Active Listings:	4,521	3,789

Please Note

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

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. This year's sales are running nearly 14 per cent ahead of the first five months of last year, but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

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Month End Stats - May 2010

Wednesday, June 02, 2010

by Rob Cvitanovic

Month-End Market Statistics

Posted Tuesday June 1, 2010 8:00am:

	May	May
	2010	2009
Net Unconditional Sales:	695	879
New Listings:	1,621	1,362
Active Listings:	4,521	3,789

Please Note

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

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. This year's sales are running nearly 14 per cent ahead of the first five months of last year, but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

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Real Estate this week

Wednesday, May 19, 2010

by Rob Cvitanovic

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.

	MTD	May
	2010	2009
Net Unconditional Sales:	325	879
New Listings:	880	1,362
Active Listings:	4,316	3,789

Please Note

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

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This week in real estate

Tuesday, May 11, 2010

by Rob Cvitanovic

Month-to-Date Market Statistics as May 10 2010 - 9:00am:

	MTD	May
	2010	2009
Net Unconditional Sales:	173	879
New Listings:	523	1,362
Active Listings:	4,200	3,789

Please Note

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

Join our Unique Buyer Profile Service and Receive Daily Updates of HOT, NEW LISTINGS as they hit the market! It's Fast. Easy. Automatic. FREE!

VictoriaHomeListings.com is a FREE service to help area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches.

Click here to receive your listings today.

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Month of April: Sales Steady-Inventory rises

Monday, May 03, 2010

by Rob Cvitanovic

Month-End Market Statistics for April 2010

	Apr	Apr
	2010	2009
Net Unconditional Sales:	756	747
New Listings:	1,783	1,260
Active Listings:	4,229	3,861

Please Note

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

The available inventory is now 10 per cent higher than the 3,861 properties for sale at the end of April a year ago and this means a wider selection for buyers. As anticipated, sales have now returned to levels comparable to a year ago and this is expected to continue throughout the balance of the year. The market is very stable right now offering a good balance between those wishing to sell and those looking to buy.

The average price for single-family homes sold in Greater Victoria last month was $624,149 down from $633,938 in March. The median price, however, rose to $572,500. The six-month average was $630,491.

ATTENTION BUYERS: Join our Unique Buyer Profile Service and Receive Daily Updates of HOT, NEW LISTINGS as they hit the market!

It's Fast. Easy. Automatic. FREE!

VictoriaHomeListings.com is a FREE service to help area home buyers find their dream home. Your first email will list all homes currently for sale that meet your search criteria. Then each morning you will be emailed a list of all of the new homes for sale and price changes since your previous search. No more having to rely on manual searches.

Click here to receive your listings today.

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Current stats: month to date

Monday, April 26, 2010

by Rob Cvitanovic

Month-to-Date Market Statistics as of Monday, April 26, 2010 9:30am:

	MTD	Apr
	2010	2009
Net Unconditional Sales:	607	747
New Listings:	1,436	1,260
Active Listings:	4,078	3,861

Please Note

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

As you can see the number of new listings is steadily increasing as the weeks go by, and the Greater Victoria Market has reached an yearly high of 4078 listings on the market. These are signs of a definite balanced market - 6 to 7 months of inventory available.

Thinking about a move?

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If today was your last day

Thursday, April 22, 2010

by Rob Cvitanovic

This blog post has nothing to do with real estate...it's here so you'll take a couple minutes of your day to just sit back, reflect and hopefully feel good.

Sometimes we stop and wonder why - why are we here, what is our purpose, and why do we do what we do?

The question, "What would you do if today was your last day?" is one of those questions that if you really think about, can change you life. We won't be able to know exactly what day will be our final day here. This is why it's important to do what you can while you're still here.