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Posts tagged ‘December’

Sooke Real Estate Statistics – November and December 2012 – Year End Wrap

Another year, another Green Christmas for Sooke.

Another year, another Green Christmas for Sooke.

I guess December got away from me – as it turns out I was quite busy during the last half of the month with two separate buyers, and of course that little holiday and all the associated eating and drinking that goes along with it! I actually compiled all the November stats early in December and they sat on my desk all month because I kept forgetting to post them. So here is a double stats post and a year-end wrap up – let’s see where we’re at…

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Victoria BC Real Estate Buyer’s Profile – Where are the Buyers Coming From?

An initiative we started late last year at the Victoria Real Estate Board is giving us some excellent data on market trends in the Victoria BC real estate market. As a director and chair of a Communications Task Force, I helped devise a market survey that is sent out via email at the end of the month to each Victoria-area REALTOR® who sold a house to a buyer that month.

The data that comes in is an invaluable snapshot of the situation for the average agent ‘on the street’ as to where the buyers are coming from, what they’re buying, and other interesting data.

I just received this past month’s results this morning. Some interesting facts:

  • 31% of buyers last month were first-time buyers
  • 51% of buyers purchased with a conventional (ie, more than 25% downpayment) mortgage.
  • 15% of buyers were single females, a trend that has been noticeably increasing in recent years
  • Nearly three-quarters of buyers were moving within the Greater Victoria area, and 3.5% were from outside of Canada.
  • 82% of buyers found the property through information provided by a REALTOR® (client portal, PCS, phone call, etc.), or through REALTOR.ca

I’ll continue to post this information on a monthly basis, as it is a “real world” snapshot of activity in our marketplace. You can read the full survey results here.

If you have any questions about buying or selling real estate, I am always available to chat. Call me any time, directly,  at 250-885-0512, email Tim@TimAyres.ca, or find me on Twitter.

If 2010 is the year to buy your first home, I invite you to an informative, free seminar on February 9. Hear from a financial planner, mortgage broker, and me about creating a plan to save for a down payment, get a good mortgage and find a great home. More details and sign-up can be found at TimAyres.ca/seminars

Tim Ayres – Sooke Real Estate Professional

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Bank of Canada Slashes Interest Rates In December 2008 Meeting

Chop Chop Goes The Interest Rate!

Chop Chop Goes The Interest Rate!

UPDATE JAN 20, 2009: Click Here

In an effort to provide economic stimulus, the Bank of Canada has lowered its key overnight interest rate by 3/4 of a percent to 1.5% in its meeting today. Since the Canadian economy has been effectively hung out to dry by the political three-ring circus in Ottawa, I’m not surprised to see such a deep cut. If Parliament can’t/won’t do anything, then it’s up to the monetary policy makers at the Bank of Canada to provide stimulus to our economy.

Citing worse-than-expected economic performance both in this country and around the globe, the Bank has admitted that we are in fact in recession, but notes that recent fiscal and monetary actions by world governments is starting to have a positive effect on financial markets, however more time is needed for things to stabilize.

The trimming of the key rate provides a 50-year low in borrowing costs in Canada.

As with any rate cut by the BoC, it remains to be seen whether or not those savings will be reflected in the Big Five banks’ prime lending rates, currently at 4.0%.

Assuming the banks adopt the Bank’s drop in lending rates, and with the recent decline in real estate prices, sidelined buyers may just decide it’s a good time to enter the marketplace.

The Bank of Canada next meets on January 20th, 2009 to set the overnight rate. You can read the full Bank of Canada news release here.

If you have any questions about mortgages or about buying or selling real estate, please call me at 250-885-0512 or use the following link to contact me.

Tim Ayres – Sooke Real Estate Professional

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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.

 

Victoria BC Real Estate has Record year – December 2007 MLS® Statistics

Real Estate Records Broken in 2007

January 2, 2008
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; 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