Overall, 2015 was a great year for real estate in Sooke. Sales were up markedly, and prices also increased across the region. I’ve compiled a few statistics, and also the top five most-and-least expensive single family homes in Sooke this year. Finally, I’ll talk about predictions for 2016. Read on… Read more
Posts tagged ‘prices’
The stock markets crashed. Billions were pulled out of mutual funds. Banks were bailed out. We were all subjected to hearing Sarah Palin speak. And now this reminder of the worst month in history, ever ™.
The monthly real estate statistics from the Victoria Real Estate Board were (mercifully) delayed by a few days due to the final changeover from our old MLS system (Quest’s Ambiance) to our new MLS System (Tarasoft’s Matrix). When I saw the numbers I thought maybe there was a problem with the software. Sadly, no.
In the first week of October, when the world seemed to be coming to an end, it scared the daylights out of everyone. Can you blame anyone for not wanting to contemplate a major purchase when the words recession and depression are being bandied about left, right and centre by the news media?
Now, it’s not fair to blame the media, although they certainly didn’t help the situation. People were scared, and they still are, although I’d suspect less so now that it seems that the world is taking steps to get the economy back on track, and economist after economist and expert-of-this after expert-of-that has reassured us that Canada, and in particular British Columbia, is in better shape than many areas to weather this storm. Thanks to our boring banks for that.
The point is that our market fundamentals are still sound. Household debt is overall manageable, mortgage rates are low and expected to remain that way, the number of mortgages in arrears is the lowest in the country. We still have interprovincial migration, job growth, low unemployment, and remain the retirement capital of Canada.
I truly believe that we’ve already seen the most of the decline in our real estate market here in Sooke and Victoria. The professional world has already stopped panic-selling their investments, and once the consumer world catches on to the fact that this isn’t the end of the world, I think we’ll start to see stability in the marketplace. Buyers that had been sidelined essentially by fear alone will come out of the woodwork and we’ll have a healthy balanced market come the spring. We won’t see crazy price increases month-to-month, but that’s a good thing.
It really is a good time time to buy – as long as you’re planning to live in your home for a minimum of 3-5 years (good advice in any market). Interest rates are low, and sellers are a little more willing to be flexible on their prices. Get out there and make some offers!
Here is the press release, and related graphs courtesy the Victoria Real Estate Board:
The number of property sales throughout Greater Victoria declined in October while prices remained stable.
A total of 316 homes and other properties sold in October through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) down from the 512 sales in September. There were 708 sales in October of last year. The number of properties available for sale at the end of October was 4,680. That represents a 41 per cent increase compared to October of last year but a slight decline from the 4,754 properties available for sale at the end of September.
Victoria Real Estate Board President, Tony Joe, says despite the decline in the number of sales, it is important to keep the market activity in context. “The last six years have seen extraordinary growth. Last year in particular was truly exceptional both in terms of sales and prices so comparisons must be made with care. A more realistic comparison would be with 1998 — a year in which sales and inventory levels were comparable to today and a time when the market was considered to be strong and stable.” Joe noted there has been a total of 6,012 sales in the first ten months of this year compared to 4,571 in the corresponding period in 1998. There were 4,057 active listings at the end of October, 1998
The average price of single family homes in Greater Victoria last month was $565,741, up from $549,284 in September; the six-month average was $574,848 though the median price in October was considerably lower at $495,000. There were seven single family homes that sold for over $1 million in October, including two in Oak Bay, one of which sold for between $2 million and $3 million.
The average price of all townhomes sold last month was $389,731, down from $405,287 in September; the six month average was $425,866. The median price in October was $369,500. The overall average price for condominiums at $323,028 last month was up from $319,562 in September. The average for the last six months was $316,644. The median price for condominiums in October was $280,000.
MLS® sales last month included 184 single family homes, 76 condominiums, 26 townhomes and eight manufactured homes.
Summary Report and Graphs
Do you have any questions on buying or selling in today’s market? Interested in creative marketing methods to make your home stand out from the crowd? Fill in my contact form, give me a call at 250-885-0512, or e-mail me at Tim@TimAyres.ca and I’d love to meet you for coffee.
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This is a little alarming! Apparently, a Price’s Alarm Service van was stolen in Victoria over the weekend of April 19th. The van was recovered in Metchosin today, but ALL THE SECURITY AND LOCKSMITHING EQUIPMENT WAS GONE.
So, some crook or group of crooks is now in possession of a key-cutting machine, lock pin sets and other locksmithing gear. The RCMP has asked anyone with more information to contact them, and to be extra careful with security until the equipment is discovered.
Now here is somebody who tells it like it is
This video is by Daniel Rothamel, a REALTOR® in Charlottesville, Virginia. If there is one thing that I am constantly trying to express to my clients when listing their properties, it’s to try and look at the place from a buyer’s standpoint. This is especially hard when you’ve got Mr. and Mrs. Smith, who built the house 30 years ago (and haven’t updated it since!) and are now selling. They are unable (or in some cases, unwilling) to take the emotion and wonderful family memories out of the formula for arriving at a reasonable listing price.
Although our market in the Sooke and Victoria area is still going strong, it is no secret that the main enemy to sellers today is an overpriced home. Sure, there are plenty of buyers out there, but there are also lots more listings; the forces of supply and demand take over and the overpriced listing sits there, overpriced.
So here is the video, and extra credit to Daniel for “why didn’t I think of that?”
As expected, the surprisingly busy November numbers reflect a continued strong market.
December 3, 2007
The Victoria area real estate market continued to show exceptional strength last month with strong sales and record average prices for single family homes and townhomes. There were 623 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in November, up from the 571 sales in the same month a year ago. There were 708 sales in October of this year.
Victoria Real Estate Board President, Bev McIvor, noted that 16 sales of over $1 million pushed the average price of single family homes in Greater Victoria to a new record high of $596,586. “As always, it’s important to note that high end sales have a significant impact on the average price and that the median, or mid-range price, was considerably lower at $510,000.” McIvor noted there were also three sales over $1 million on the Gulf Islands last month and that the average price of all townhomes sold also reached a new record high of $473,758. “The high demand and robust prices show continued strong consumer confidence in the market,” added McIvor.
The six-month average for single family homes was $576,230. The average price of all condominiums sold in November was $311,844; the average for the last six months was $324,255. The median was again lower at $292,000. The six month average of all townhomes sold last month was $411,262. The median price was $421,750.
MLS® sales last month included 335 single family homes, 179 condominiums, 63 townhomes and 14 manufactured homes.
There were 3,196 properties listed for sale on the MLS® system at the end of last month, up slightly from the 3,158 properties in the same month a year ago.
Summary Report and Graphs
News Release from the BC Real Estate Association:
For immediate release
Home Prices Rise Modestly in Vancouver and Victoria Vancouver, BC – November 21, 2007. British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 23.5 per cent to $3.40 billion in October, compared to the same month last year. Residential unit sales increased 12.8 per cent to 7,358 units during the same period. The average MLS® residential price hit $462,912, up 9.5 per cent from October 2006.*
“While home sales continue at a brisk pace, prices in Vancouver and Victoria are climbing at a more moderate rate,” said Cameron Muir, BCREA Chief Economist. Compared to October 2006, the average sales price increased 7.8 per cent in both markets. Fraser Valley and Chilliwack prices climbed 6.2 and 6.3 per cent, respectively, during the same period. “Eroding affordability is providing less upward pressure on home prices in both Victoria and the Lower Mainland, as many first-time buyers no longer have the financial wherewithal to bid up prices,” added Muir.
In contrast to the South Coast’s major urban areas, home prices in the interior and northern markets continue a rapid ascent. “The Okanagan, Kamloops and Kootenay markets are benefiting from strong demand from retiree, investor and recreation buyers,” noted Muir. “Abundant natural amenities and relatively low prices are drawing considerable attention from empty nesters around the province and across the country.”
“Housing markets in the north that are receiving new investment in resource extraction and transportation are performing well,” added Muir. “However, sluggish US demand for softwood lumber is impacting housing demand in many communities.” The average sales price of a home in the BC Northern Real Estate Board area rose 11.3 per cent last month compared to October 2006. In the Northern Lights Real Estate Board area, the average home sales price climbed 18.5 per cent during the same period.For the complete news release, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2007-10.pdf .