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Victoria BC MLS® Real Estate Statistics – June 2008

Nothing to comment on these numbers, but view the Sooke real estate statistics for June here.

Courtesy VREB:

Sales Soften, Prices Remain Stable

July 2, 2008

Sales of homes and other properties in the Greater Victoria area softened last month though prices continue to remain stable. Victoria Real Estate Board President, Tony Joe, notes that the modest decline in sales from May to June followed a similar pattern to last year. “There was a total of 723 sales of homes and other properties in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 770 sales in May. Although sales last month were down substantially compared to the 949 sales in June of last year, it is important to remember that 2007 was an exceptional year for the local real estate market.”

Joe notes that prices remain stable. The overall average price of single family homes in Greater Victoria last month was $580,104; the six-month average was $600,740 though the median was considerably lower at $538,000. “There will always be month-to-month fluctuations in prices, but when we consider that the six month average in January was just over $586,000 we see that prices have remained remarkably stable this year,” said Joe.

The number of properties available for sale continued to increase last month rising to 4,513 – a 27 % increase compared to June last year. “With more properties from which to choose, buyers clearly feel less pressure to make a quick decision, though sellers who price their homes realistically can still expect strong interest,” said Joe.

The average price of all condominiums sold in June was $319,943; the average for the last six months was $330,992. The median was again lower at $295,000. The average price of all townhomes sold last month was $431,992; the six month average was $432,152. The median price was $399,500.

MLS® sales last month included 395 single family homes, 180 condominiums, 81 townhomes and 23 manufactured homes.

Summary Report and Graphs

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

Tim Ayres – Sooke Real Estate Professional

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Victoria BC MLS® Real Estate Statistics – May 2008

No surprises here, inventory up, sales are down.

More evidence of balance in the real estate market (although with the number of new listings, I’m not sure just how ‘balanced’ it is!) was revealed today with the release of the Victoria Real Estate Board‘s May MLS® statistics.

Despite a 25% increase in listings available for sale over the same time a year ago, prices seem to be remaining stable. 18There were virtually the same number of sales this month as last, but 193 less than May of 2007. Despite that, the average and six-month averages of condos, townhomes, and single family detached homes remain virtually the same.

What does it all mean? The number of properties available for sale has been increasing steadily all year. However, buyers are still out there, and it’s still common to see well-priced properties get snapped up very quickly. What is important, as I’ve said time and time again, is good marketing. With so much to choose from, buyers will very quickly skim over properties with horrible photos, bad write ups, or worse still, none of the above.

Below is the full Victoria Real Estate Board news release, with graphs.

More Choices Now Available for Home Buyers

June 2, 2008
With a return to a balanced real estate market, home buyers in the Victoria area now have a much larger pool of properties from which to choose. The number of properties available for sale increased to 4,332 in June – a 25 % increase over the same month a year ago and the highest level since June 1998.

Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales remain stable although the number of sales is down compared to a year ago. “There was a total of 770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 sales in May of last year.” Joe noted that a significant number of new properties came on the market last month: “There were 1,850 new listings in May – the highest number for a single month in over 18-years”. Joe added that 24 sales over $1 million had an impact on the overall average price of single family homes in Greater Victoria which last month was $601,897; the six-month average was $606,985 though median was considerably lower at $545,000. There were also three sales on the Gulf Islands of over $1 million.

The average price of all condominiums sold in May was $336,157; the average for the last six months was $333,208. The median was again lower at $295,500. The average price of all townhomes sold last month was $435,058; the six month average was $433,854. The median price was $394,900.

MLS® sales last month included 470 single family homes, 168 condominiums, 71 townhomes and 25 manufactured homes.

Summary Report and Graphs

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

Courtesy Victoria Real Estate Board

Tim Ayres

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B.C. Housing Market Spring Forecast

Expect sales volume to ease, prices to increase more slowly

BCREA Logo

The British Columbia Real Estate Association (BCREA) has released its semi-yearly housing market forecast for the province. Despite economic troubles elsewhere in the country, B.C.’s economy is expected to remain strong and to outpace many other areas in Canada in terms of growth through 2009.

Provincial sales will dip to 93,800 in 2008 (a 9% drop) and 92,000 in 2009 (a further 2% drop). Eroding affordability and weaker economic growth are cited as reasons for the expected decline. Still, interprovincial and international migration will continue to underpin demand for housing in B.C., with individuals drawn to our province by robust job growth, climate, and amenities. The average residential price in B.C. is forecast ro increase 9 per cent to $479,000 this year, and a futher 4 per cent to $499,000 in 2009.

Regionally, BCREA predicts that Victoria MLS® sales will fall to 7800 units, a decline of 7 per cent from last year’s second-highest-on-record 8403 sales. Sales will remain above the ten-year average of 6750 units. The report notes that 12,000 jobs were created in the Victoria area in the first quarter of 2008. As I’ve said before, as our area diversifies its economy beyond government, military, and tourism, more and more people will continue to move here, attracted by competitive salaries and our Island way of life. The report forecasts an overall 10 per cent increase in prices this year, but notes that most of that growth has already occurred, and to expect single-digit growth for the rest of the year.

I think the most interesting prediction in the report is with housing starts. The report forecasts overall housing starts to drop 9 per cent this year (after a 6 per cent decline in 2007). Citing tight construction labour markets, higher credit costs, and trepidation on the part of developers, the BCREA feels that current new home inventories will be depleted, resulting in a higher level of construction activity in 2009 and 2010.

One thing to remember is that the BCREA’s report is based solely on MLS® data, and would not include sales of new homes by the developer’s private sales team, for example.

What do you think about the report? Comment below!

The full BCREA report can be found here.


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Victoria BC MLS® Real Estate Statistics – April 2008

Greetings, search engine visitors! For April Statistics, released today, June 2, 2008, click here!

As choices increase and buyers decrease, pressure is on to price it right!

There is still fuel in the fire of the Victoria and Sooke real estate market, but decidedly less from a year ago. The April statistics were released today, and despite an all-time record high average price for single-family detached houses of $630,295 (caused by a relatively high number of sales of $1M+ homes), the trend is to increased inventory and fewer buyers.

There were 17 per cent more properties available for sale last month compared to the same month a year ago, and 768 sales, compared to 898. Sales were up from March, which had 707 sales.

There is still robust market action on moderately priced and lower priced properties, and the key is good marketing and good pricing. Still, sellers can expect to have to wait longer than in recent years in most cases as buyers consider the increased inventory. Make sure your photographs look good! Below is the statistics release from the Victoria Real Estate Board and their graphs.

Real Estate Sales Moderate – Prices Remain Stable

May 1, 2008Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in March but down from the 898 sales in the same month a year ago. Overall prices remain steady but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the average price of single family homes to a new record high.

Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for sale continues to increase. “In April, there were 3,859 properties available for sale – a 17 per cent increase over the 3,305 properties on the market in April of 2007. This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers.”

Joe added that despite the record high average price for single family homes, overall prices remained steady last month. “The relatively large number of high-priced sales had a substantial impact on the average price of single family homes in Greater Victoria, pushing this figure to a new record high of $630,295 but it is important to note that the median or mid-range price was substantially lower at $558,000.” Joe noted that nearly 28% of single family homes last month sold for under $475,000.

The average price of all condominiums sold in April was $325,975; the average for the last six months was $328,915. The median was again lower at $294,900. The average price of all townhomes sold last month was $420,658; the six month average was $440,364. The median price was $407,450.

MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and 20 manufactured homes.

Summary Report and Graphs

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

Courtesy Victoria Real Estate Board

Tim Ayres


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2007: A Surprising Year for Victoria and Sooke Real Estate

Year-end and December 2007 Statistics Released

The Victoria Real Estate Board has released the December 2007 and year-end statistics:

Real Estate Records Broken in 2007

The value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) hit a new record of over $4.1 billion in 2007, up from $3.3 billion in 2006. The value of single family home sales was over $2.5 billion while the value of condominium sales was over $756 million. Victoria Real Estate Board President Tony Joe noted that both sales and prices for all major property types increased last year. “Last year was another exceptional year for the local real estate market. The total number of sales increased over 12 per cent while the overall average price for single family homes rose 8.5 per cent; the average for condominiums rose over 11 per cent and the average for townhomes rose 10.5 per cent,” said Joe.

Meantime, the sale of 14 single family homes in Greater Victoria over $1 million pushed the average price to a new record high of $624,450 last month [Note: The sale of an island completed last month for $7 M, which would have skewed the average considerably – Tim] ; the median price, however, was considerably lower at $536,000. “It’s always important to bear in mind that the average price in a given month can often be significantly affected by the sale of high-priced homes,” noted Joe. The six-month average for single family homes in December was $581,419.

The average price of all condominiums sold in December was $332,793; the average for the last six months was $319,980. The median was again lower at $292,900. The average price for townhomes sold last month was $445,960; the average for the last six-months was $415,648. The median price was $387,900.

There were 408 MLS® sales last month, up from 385 sales in December of last year. There were 623 sales in November. Sales last month included 202 single family homes, 120 condominiums, 46 townhomes and 8 manufactured homes.

There were 2,799 properties listed for sale on the MLS® system at the end of last month, up from the 2,650 properties in the same month a year ago.

 

Summary Report and Graphs

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

At the end of 2006, listings had been steadily increasing, and sales were lower than the booming year of 2005. Everyone was on edge for expectations for 2007. The year surprised us all, with interest rates rising by one-quarter per cent and then being cut by that one-quarter in December. Steady, low interest rates breed consumer confidence and keep home ownership possible as increasing prices erode affordability. An increase in good-paying jobs, record-low unemployment, and migration and investment from out of the area all helped to push the market to record heights this past year.

What does 2008 hold? I see steady price increases, but on a slower, more moderate scale. As prices increase, affordability continues to be eroded. The Bank of Canada meets on Jan 22, with David Dodge expected to announce a cut in interest rates as his final duty before stepping down as governor. The continued diversification of the local economy, with more high-tech jobs and the decline in tourism from the U.S. being replaced with domestic and international visitors, will drive migration to this corner of the country and keeps our market on sound financial footing.

Sorry, bubble-blowers, there just isn’t one here to burst.