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Ron’s January 2013 Market Update and Victoria Real Estate Board Report

Posted by Ron Neal on Tuesday, January 8th, 2013 at 6:33pm.

Ron's candid thoughts:

While statistics indicate relative price stability, our experience continues to confirm that sellers in distress are competing for the relatively scarce ready, willing and able buyers. Increasingly while the average sale price shows only a few percentage points decline, what Buyers are actually getting for their money has changed significantly, particularly over the last six months since the mortgage rule changes. Having said that, I’m seeing an increasing sentiment of it being a good time to buy and on our team we experienced a flurry of activity finishing the year with a busy December even getting an offer together on Christmas Eve. Nationwide consumer sentiment seems to be generally optimistic according to reports from both RBC and CMHC (see report below).While prices have declined and borrowing has become much more of a challenge (especially for investors, those buying with less than 20% down payments and those buying high end properties), interest rates are still low and there are lots of properties to choose from. In my opinion, a great time to buy provided not over extending and for the long term. Please contact me directly for a no obligation personal real estate consultation, or feel free to post your questions here on our Blog. Ron Neal January 2, 2012 2012 ENDS ON A STEADY NOTE FOR GR. VICTORIA REAL ESTATE MARKET VICTORIA, BC— Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar sales numbers for the third consecutive year. Total MLS® sales in December 2012 were 283, a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012. Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011. Shelley Mann, President of the Victoria Real Estate Board, notes that while the annual average in 2010 was $629,925, it was $580,748 in 2009. “In December there were less active listings on the MLS® system than in recent months,” Mann says. “With less competition, homeowners have a better opportunity to sell. But the property must show well, and they cannot expect to sell for the all-time high prices of 2010 and 2011.” Current active listings are 3,896. “We continue to see buyers waiting to make their move. Two factors seem to have triggered this, the first being the tightening of lending regulations which has affected the purchasing power of many consumers,” Mann says. “The second factor is that some buyers are continuing to wait for the market to fall,” Mann says. “What we heard at the local 2012 CMHC Housing Outlook Conference is that the market has bottomed out and slow growth is in store for 2013.” There were 65 condominium sales in December 2012, compared to 98 in November 2012 and 89 in December 2012, and the year-over-year average price has decreased by 3%. Townhome pricing remains flat.

Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2011

Total Non-Waterfront Single Family Dwellings sold: 146, down 27 sales from Dec 2011

Single Family Dwellings sold over $1 million: 10 (3 over $2 million)

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. Maggie Kerr-Southin APR Manager, Communications, Victoria Real Estate Board


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The Neal Estate Team

The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 

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