Victoria Real Estate Victoria BC Canada

Last Half of 2011 Sees Stabilized Real Estate Market

Lorne Tuplin — Wed, 04 Jan 2012 20:10:00 GMT

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

"This may be the result of an increased number of lower priced single-family homes that became available," says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

"This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August," says Crabb. "During the last quarter of 2011, it has been virtually unchanged month over month."

"While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market," she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.

Real Estate Activity Increases in October

Lorne Tuplin — Mon, 14 Nov 2011 23:36:00 GMT

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the six-month average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10 manufactured homes.

Price Reduced on 10-3441 Mary Anne in Colwood

Lorne Tuplin — Wed, 26 Oct 2011 16:31:00 GMT

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Triangle, Colwood - Announcing a price reduction on 10-3441 Mary Anne, a 1,153 sq. ft., 3 bath, 2 bdrm 2 story. Now EXCLUSIVE $269,000 - Priced for Quick Sale.

Victoria Real Estate Victoria BC Canada

Last Half of 2011 Sees Stabilized Real Estate Market

Real Estate Activity Increases in October

Price Reduced on 10-3441 Mary Anne in Colwood

SOLD 2 Story Townhouse For Sale in Langford Lake SOLD

SOLD 3-Level Split For Sale in Wishart South SOLD

Real Estate Sales Strengthen in August Enhancing Market Stability

Real Estate Sales Rise in June

SOLD 2 Story Townhouse For Sale in Colwood SOLD

Apartment For Sale in Downtown

Real Estate Sales Soften, Prices Steady in April

2 Story For Sale in Colwood Corners

2 Story Split For Sale in Florence Lake

Bungalow For Sale in Colwood

3-Level Split For Sale in James Bay

Price Reduced on 307-1351 Esquimalt Rd in Esquimalt

Real Estate Activity Picks Up in March

Condo For Sale on The Gorge Waterway

Single Story For Sale in Saanichton

January Real Estate Sales and Prices Steady

Hi End Condo For Sale in Downtown

Conditionally SOLD 2 Story Townhouse For Sale in Langford

2010 - A Return to a Balanced Real Estate Market

2 Bedroom renovated Condo For Sale in Esquimalt

Condo for sale on the Oak Bay Border - Conditionally SOLD

SOLD Condo For Sale in Downtown SOLD