Real Estate Market

Victoria Market Update

My Victoria Report April 1, 2012

View from my listing in Shutters Resort & Spa

Strong Start for March Sales

March sales started out strong for the first two weeks, but slowed down drastically for the balance of the month.  Both showings and sales were weak.  This may be a combination of weather and the timing for Spring Break.  Let's hope so.

There were some bright spots with Oak Bay showing strong sales the last few weeks.  This should be a sign that the rest of the market will follow.  I expect to see sales pick up over the next couple of weeks as spring arrives.

If you thinking of selling it is never too early to start de-cluttering and sprucing up the curb appeal of your home. I came across a very interesting article on Curb Appeal by Diana Zinck, The Stage Coach.

Curb Appeal - How this affects your ROI

It's not just the inside that counts, you want buyers to instantly fall in love with the outside of your house too, so once you've de-cluttered the kids rooms, taken down personal photos, cleaned the garage and basement, here's what you might consider about the outside of your home. 

  1. Take a good look around and UP.
    If your roof needs to be replaced this is a good investment prior to selling to get a higher price for your home - most times you can transfer the roof's warranty to the new homeowner. A home needing a new roof can be a deal breaker for buyers.

To read the complete article click here.

Philip Illingworth

 

The Government dock in Victoria Harbour

Victoria Real Estate Board April 3, 2012

  

SINGLE FAMILY HOUSING LEADS MARCH 2012 HOUSING MARKET

VICTORIA, BC - Single family homes sales have risen 17% since last month, while the six-month average price is up 1% to $599,551. The average price of a Greater Victoria single family home in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over $4 million. Compared to March 2011, active listings in this category are up 5% to 1,858, while sales are down 7%.

Sales of condos and townhomes are flat, compared to February 2012, while down significantly from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while townhomes are 1% lower than March 2011.

"With softer prices, buyers have been looking at houses," says the President of the Victoria Real Estate Board. "That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far that is what we are experiencing."

She also believes sales activity was affected by poor weather and many families travelling over the two-week spring break. "REALTORS® tell me many clients took the time for family vacations," the President adds.

With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.

 

Total waterfront Single Family Dwellings sold: 14, equal to March 2011
 Total non-waterfront Single Family Dwellings sold: 311, down 26 sales over March 2011
 Single Family Dwellings sold over $1 million: 26 (4 over $2 million)

 

 

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

When Interpreting Our Statistics

To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any.  Average Price is the total dollar volume of sales for the month divided by the number of sales in the month.  Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months.  Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.

The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.

Sales Statistics & Reports April 1, , 2012

Updated statistics on the Victoria & area market as well as historical data from the Canadian Housing and Mortgage Corporation and the Victoria Real Estate Board

 

 

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"