Real Estate Information

Month-to-Date Market Statistics

Monday, April 19, 2010 7:45am:

Please Note

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

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The latest stats indicate that sales for the month of April are on pace to hit 500-600 unconditional sales by the end of the month. This is average for this time of year. We are also witnessing an increase on the number of listings hitting the market...are we now finally reaching a balanced market?

Here are the month-to-date market statistics for April 2010. 

Please Note

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

The number of homes and other properties sold in Greater Victoria area rose substantially in March compared to both the previous month and to March of last year. The anticipated increase in interest rates has likely prompted some buyers to make their move sooner than later. A total of 789 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 27 per cent from the 621 sales in February. There were 602 sales in March of last year. Prices for single-family homes and condominiums rose moderately while prices for townhomes were mixed.

The average price for single-family homes sold in Greater Victoria last month was $633,938 up from $620,833 in February. The median rose to $569,950. The six-month average was $623,508.

The overall average price for condominiums was $336,779 last month, up from $304,163 in February. The average for the last six months was $322,663. The median price for condominiums in March rose to $305,000. The average price of all townhomes sold last month was $456,446 down from $460,900 in February. The median price, however, rose to $439,800. The six month average was $456,368.

Here is the final tally of sales for the entire month of March.

Please Note

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

This month's activity has been very hot. The number of pending sales has risen substantially over the same period a year ago. By the end the month, we will most likely see an increase of 20% in overall sales as compared to March 2009.

Here are the last numbers as of 8 am Monday, March 29, 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 Mar. 22 2010

Monday, March 22, 2010 8:00am:

Please Note

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

Here's something to think about...Ten years ago, when listing a house I would place a sign in the yard, which a neighbour most likely saw - perhaps told a friend; the property was listed on the multiple listing service (MLS), and for exposure, direct mail, open houses and newspaper advertising were what I used to expose my listings. Very few prospective buyers went online, as a matter of fact most new little about the "net", and most buyers had saved over the years for a sufficient down payment (25%).

Today websites like Realtor.ca attract millions of visitors every month. Today, 90 percent of all buyers are going to the Internet to search for homes and real estate information. Much of what Realtors used to do no longer makes sense. Now it's important to provide a buyer with the listing online with multiple photos, a virtual tour or online video so the buyer can get the "essence" of the property and floor plan, mapping features, comprehensive neighborhood, school and financing information. Today's buyer wants it all.

Today's buyers and sellers are well educated as to what is happening in the marketplace, how many sales have taken place, the prices and dollar per square foot, and what the amenities of each house are.

One of our jobs as Realtors, is to be up on the market and to be able to provide information to buyers and sellers, to assist them in making wise decisions for themselves.

This means being able to discuss the economy, recently passed legislation that effects buyers and sellers, and basic trends marketing and the marketplace. 

The revolution of the internet has brought instant information to our fingertips. Statistics regarding buying trends, demographics, and analytics are readily available for everyone. The questions is: Is your agent a local economist and a tech marketer?

The internet is a huge source of business for Realtors. Web sites such as Realtor.ca, Craigslist, You Tube, and social media outlets such as Facebook, Twitter, LinkedIn are just a number of websites that today's buyers and sellers are surfing. If you're agent is not utilizing these specific sites, you could possibly be missing out on a large target audience looking to buy your home.

If you're looking to buy or sell a property, call the local economist, tech savvy agent: Rob Cvitanovic (sit`an`oh`vik) of Keller Williams Realty West  (250) 704-6970. 

As the Vancouver 2010 Olympics/Paralympics unwind, the City of Vancouver has truly shown the world what living the most desired region of the globe is like. Where else can you enjoy a day of golfing in the morning, and skiing in the late afternoon? 

So what has all this "Olympic Fever" brought to the residents of Vancouver and the rest of B.C  (other than some increased infrastructure and some bills to pay?) Well, if you were one of the many Vancouverites who wagered on buying real estate 7 years ago when Vancouver "won" the right to host the party, you have been fortunate to see real estate double in price.

In February 2010, the average prices of Vancouver Single Family Dwellings, Townhouses and Condo's reached new all time record highs on a dramatic surge that swept through the beer fuelled Olympic Host city.

Here are the average prices of several other larger market cities in comparison to Vancouver.

It looks as though the U.S. housing market is bracing itself for another wave of foreclosures as the number of homeowners seriously delinquent on their mortgage loans rise. While banks repossessed fewer homes in February than a month prior, borrowers continued to fall behind on their payments, adding to the inventory of properties headed toward foreclosure that have yet to be put on the market.

About 5 million to 7 million properties are potentially eligible for foreclosure but have not yet been repossessed and put up for sale. Some economists project it could take nearly three years before all these homes have been put on the market and purchased by new owners. And the number of pending foreclosures could grow much bigger over the coming year as more distressed borrowers become delinquent. 

To give you an idea of the sharp rise in delinquent loans, take a look at the graph below, which was provided by the Mortgage Bankers Association. 

So what does this mean for the Victoria real estate market? Good question! With the upcoming changes to mortgage qualification, and the talk of interest rates on the rise, we will continue to see an continued surge of buyers to the market? We will have to wait and see for what looms with the summer and fall market...let's not forget that the dreaded H.S.T. comes into effect as of July 1, 2010.