Victoria Market Update

My Victoria Report November, 2011

 

November Market

The market at present is slow and is still a buyers market.  This, however, is forecast to change towards a much more balanced market in 2012.

Some houses are selling for top dollar, while others lanquish for months.  Preparation makes all the difference to selling your home.  Take the time to do some work in advance of listing your home.  Fresh paint, cleaned up yard, unclutter to make rooms appear more spacious - all these things can make a huge difference.  Curb appeal cannot be underestimated.  When the house next door to ours was for sale, people would drive by at Open Houses, slow down and not even get out of the car!  If you can't them in the door, your chances of selling are greatly diminished.

If you need some suggestions to prepare your house for sale, please don't hesitate to call me at 250 588 6169.

Meanwhile, around our home

We normally have a large number of children calling at our house for Halloween, as we live quite close to the Bonfire.  This year, we had only a handful and are faced with the dilemna of how many chocolate bars to limit ourselves to each day!  My wife is a volunteer at Our Place, so rather than watch the weigh scale go up, they are likely to go there.

On a personal note, I have a very happy summer upcoming for 2012.  Two of my daughters are to marry.  The third out of four children, Briana will marry at a resort in the Lake District of Ontario on May 26.  My oldest child, Meghan will marry late June or early July, likely with the ceremony in our backyard.  She and Derek will arrive this weekend to meet with a restaurant, party supply place, etc.  Good times ahead!

Philip Illingworth    

The Empress Hotel in the Inner Harbour on a sunny day!

Philip Illingworth

Victoria Real Estate Board 07 November, 2011

  

  Victoria Real Estate Board 

  November, 2011

Real Estate Activity Increases in October

   November 1, 2011 

   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.

The Victoria Real Estate Board President 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." the President 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 The President.   He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

  In addition, the President 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.  

 

 


 

 

 

 

 

 

Sales Statistics & Reports November, 2011

Updated statistics on the Victoria & area market as well as historical data and Canadian Housing and Mortgage Corporation reports.


Contact Information

Photo of Philip Illingworth Real Estate
Philip Illingworth
DFH Real Estate Ltd.
3914 Shelbourne Street
Victoria BC V8P 4J1
Direct: 800-668-2272
250-477-7291
Fax: 250-477-3161

         "Your Trusted Victoria Real Estate Advisor"