Posts tagged ‘stats’

May 14

Victoria BC Real Estate Buyers Profile – April 2010

Modern homes in Victoria, BC. Photo: pnwra on Flickr

It’s once again time to look at our “on the street” snapshot of Victoria-are real estate buyer activity. April’s data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed a transaction while acting for a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

The trend of decreasing number of first-time buyers continued, with 19.23% identified as such
Nearly one-third of buyers were moving from one property to a similar one. Perhaps this correlates with the lower number of first-time buyers in recent months; after they sell their smaller homes to first-timers, this set of buyers is now shopping for their ‘move-up’ house.
This month, single females bought fewer houses than single males.
As usual, the fast majority of buyers (67%) moved within the greater Victoria area. The next largest group came from within Canada, but outside B.C.
The Western Communities were more popular with buyers than the Saanich Peninsula.

As our inventory of properties on the market increases, there continues to be more choice in the market for buyers. Not surprisingly, most agents were reporting fewer instances of multiple offers (54 vs 12 reporting more multiple offers).

Check out the full details of this month’s survey here.

-Tim Ayres – Sooke Real Estate Professional

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Apr 13

Victoria BC Real Estate Buyers Profile – March 2010

Last month’s data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed one ore more transactions while acting on behalf of a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

First-time buyers did not represent the largest segment of the buying population, with 27.85% identified as such
More people moved into a condo or townhouse from a single family home than vice versa (10.76% vs 8.23%).
Once again, single females bought more properties last month than single males. (23 vs. 16)
One in five buyers were classified as empty-nesters/retired.

Check out the full details of this month’s survey here.

-Tim Ayres – Sooke Real Estate Professional

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Mar 12

Victoria BC Real Estate Buyers Profile – February 2010

The Johnson Street Bridge, Victoria. Photo credit: Sylpherware on Flickr

The latest data from our Member Market Survey has just been released by the Victoria Real Estate Board. Each month, agents who’ve completed a transaction while acting for a buyer are polled on various questions about their buyers. The goal is to get a snapshot of the situation on the street directly from agents who are actively involved serving their clients.

Highlights from this month’s data:

First-time buyers represent the largest segment of the buying population, with 36.5% identified as such
Interestingly, the number of people moving from a single family home to a condo or townhouse was nearly the same as those moving from one property to a similar one.
Single females bought more houses last month than single males.
Only one buyer came from outside of Canada last month.

Check out the full details of this month’s survey here.

-Tim Ayres – Sooke Real Estate Professional

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Feb 22

Victoria BC Real Estate Buyer’s Profile – January 2010

The Railyards in Victoria, BC (Vic West) Credit: pnwra on Flickr

Last month, I started a new series about buyer activity in the greater Victoria real estate market. The data comes directly from the “man (or woman) on the street” by way of a survey sent out by the Victoria Real Estate Board to agents who worked with a buyer to complete a transaction in that month.

Key highlights from this month’s data:

25% of buyers used high-ratio (more than 80%) financing to purchase their home
Sooke, Langford, Colwood and Metchosin accounted for 20% of all purchases last month
Only three buyers found out about the property they bought via print media like a classified ad or real estate newspaper/magazine.
Agents are reporting more traffic at open houses, and more instances of multiple offers on the same property.

Check out the full details of the survey here.

-Tim Ayres – Sooke Real Estate Professional

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Jan 15

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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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Sep 2

Victoria BC MLS® Real Estate Statistics – August 2008

Listings are up. WAYYYY up. Sales are down and prices are flat or falling. What does this mean to you?

If you’re a buyer: Good news. If you’re buying now you’ve got more inventory to look at than any time in the last twelve years. Shop around and make offers. Sellers are probably nervous.

If you’re a seller: Not so good news. While prices for single family homes have remained relatively flat over the medium-term (the six-month average is still near $600,000), the average price dropped to $550,000 from $578,000 last month. Realistic pricing (listen to your agent!) and good marketing is key to success in this market.

Below is the full report and summary graphs, courtesy Victoria Real Estate Board:

Property Sales and Prices Soften in August

September 2, 2008

Sales of homes and other properties in the Greater Victoria area followed the expected trend and softened last month as many people enjoyed vacation time. Prices also moderated slightly. A total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 616 sales in July. There were 846 sales in August of last year.

Victoria Real Estate Board President, Tony Joe, notes that today’s buyers now have more properties from which to choose than at any time since 1996. “The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year.” Joe notes that prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. “The average price of single family homes in Greater Victoria last month was $549,914, down from over $578,000 in July; the six-month average was $592,582 though the median price in August was considerably lower at $512,000.” Joe noted that eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.

The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July; the six month average was $435,309. The median price in August was $382,000. Joe noted that the overall average price for condominiums at $302,200 last month was virtually unchanged from July. The average for the last six months was $319,825. The median price for condominiums in August was $280,000.

MLS® sales last month included 269 single family homes, 160 condominiums, 53 townhomes and eight 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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Jul 8

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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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Jul 8

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Sooke MLS Statistics for June, 2008 – Still going strong!

Repeat after me: Real estate is local. Real estate is local. Real estate is local.

While some generalizations can be made about the overall real estate market in Canada, British Columbia, and the greater Victoria area, you have to look at a local level to find out what’s truly going on. With reports of the Vancouver market officially being in buyer’s territory, and the latest VREB stats report showing lower sales and increased listings, you might assume that everywhere is experiencing the same slowdown.

Well, according to my statistics below for single family dwellings in Sooke, Sooke real estate is still going strong!

Last month saw more sales than both May of this year (traditionally a stronger month than June), and June of 2007, a record setting year for the Victoria Real Estate Board. I’ve used the pending sales as an indicator, as they more accurately reflect the month’s sales activity. Closed sales are properties that have now changed hands; the sales that led to the closings could have occured months ago.

Listings appear to be stabilising, too, with the same number of current single family dwellings in the core area this month as last, and only 3 more when you count outlying areas. With any luck, the market will eat up the inventory and keep prices stable here in Sooke.

I don’t think you would want to bet on any huge price increases over the next year, and we may see a slight decline in prices; but a major correction is unlikely. But what we can take away from these numbers is that the market in Sooke is still robust, and properly priced and marketed properties will still sell.

-Tim Ayres – Sooke Real Estate Professional

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Jun 3

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Sooke Real Estate Market MLS® Sales Statistics – May 2008

I was surprised at the results of the Victoria Real Estate Board‘s May 2008 MLS® statistics report, released yesterday. Here in Sooke, I’d been anticipating that other areas in the Victoria region had been having as strong a month as we have. I felt that anecdotally, anyway, our May was as good or better than May 2007. It turns out I was right.

For single family dwellings, there were 30 sales in the Sooke core area (I’m excluding East Sooke, Jordan River, Sheringham Point, and Port Renfrew). Last year there were 28. Including the aforementioned areas, there were 33 sales this year, and 30 last year.

New listings are a hot topic in real estate circles these days – the overall Victoria inventory is getting very high. In the Sooke core area there are a total of 131 listings currently available (192 including outlying areas). 62 of these were listed last month, compared to 72 last year. Click here for a .PDF of my findings. Please note: “New Sales” means deals that have gone unconditional (SOLD sticker goes up) but have not closed yet (new owners receive title). The VREB uses only closed sales for its calculations and statistics each month.

Overall it shows a stable, healthy market in my opinion. Sooke is a very desirable place to live. Lower taxes, more affordable housing, and a great seaside setting attract many people from other areas. You might be worried about the price of fuel if you have to commute to Victoria, but when you’re saving tens of thousands of dollars or more on housing, that buys a lot of gasoline, even at today’s prices.

-Tim Ayres

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Jun 2

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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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Sooke Real Estate, Living, and Community Blog by Tim Ayres

Posts tagged ‘stats’

Victoria BC Real Estate Buyers Profile – April 2010

Victoria BC Real Estate Buyers Profile – March 2010

Victoria BC Real Estate Buyers Profile – February 2010

Victoria BC Real Estate Buyer’s Profile – January 2010

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

Victoria BC MLS® Real Estate Statistics – August 2008

Property Sales and Prices Soften in August

Victoria BC MLS® Real Estate Statistics – June 2008

Sales Soften, Prices Remain Stable

Sooke MLS Statistics for June, 2008 – Still going strong!

Sooke Real Estate Market MLS® Sales Statistics – May 2008

Victoria BC MLS® Real Estate Statistics – May 2008

More Choices Now Available for Home Buyers

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