Connect

Find us on...

Share on...

Dashboard

Login using...

New Search X

Ron's Candid Market Comments and Victoria Real Estate Board Market Report for July 2013

Posted by Ron Neal on Tuesday, August 6th, 2013 at 5:23pm.

There is increasing evidence to a balanced market with trending increased sales and decreased inventory with yet another consecutive month of more sales than in the same month last year and further marginally decreased supply. The overall listing supply has slipped from nearly a year overall at the beginning of 2013 to now just over 8 months inventory of listings for sale. In my opinion we are in a balanced market when we have about a 5-6 month supply so I would still classify it as a Buyer’s market with some continued risk of prices slipping further particularly with marginal properties with significant negative influences and certainly in rural areas. There are also some property types that continue to be more oversupplied than others. Overall all signs are pointing to us nearing or having reached the bottom of this cycle. Of course there are ongoing risks of more national and global factors that can cause rapid shifts in consumer confidence, the primary factor in determining whether prices rise or fall. All in all, it seems more people every day believe that “now is a good time to buy”. I agree. FOR IMMEDIATE RELEASE August 1, 2013   STRONG SALES ACTIVITY CONTINUES IN GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC–Total real estate sales in Greater Victoria were up 11.5% in July 2013 over July 2012, the Victoria Real Estate Board reports. “Sales numbers are slightly lower than in June, but that’s part of our normal summer market cycle. When seasonally adjusted, our market activity remains strong for this time of year,” says, Board President. “Despite the brisk activity, we continue to see housing prices remain flat,” she says. “With fewer properties listed at the end of July, we are still narrowly into a balanced market.” With 583 sales in July and 4,772 active listings on the MLS® System at month end, the sales-to-active-listings ratio is 15%. Generally, analysts define a balanced market as when the ratio is between 15 and 20%. There were 345 single family homes sold in July, an increase of 17.7% over July 2012, while the median price of $521,000 is down 1.7% year over year from $530,000. There were 127 condominium sales with a median price of $265,000 and 70 townhomes sold at a median price of $360,750. “We are also seeing multiple offers on some properties, although these offers are not always over the asking price, illustrating the importance of consulting a REALTOR® to gain individual neighbourhood insight.

Total Waterfront Single Family Dwellings sold: 18, up four over July 2012

Total Non-waterfront Single Family Dwellings sold: 327, up 48 over July 2012

Single Family Dwellings sold over $1 million: 19 (2 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®. The Victoria Real Estate Board has 1,225 Members. STATISTIC REPORTS ATTACHED AND SUMMARY BELOW.

July 2013, MLS® Real Estate Sales, and Average and Median Prices, Greater Victoria  

 

2013 - July

2013 - June

2012 - July

 

No of Sales

Average Price $

Median Price $

No of Sales

Average Price $

Median Price $

No of Sales

Average Price $

Median Price $

SFD Gr. Victoria

309

596,445

529,500

359

635,161

529,900

254

581,117

535,000

SFD Other Areas

36

446,542

390,000

23

558,190

390,000

29

518,665

450,000

Total SFD All Areas

345

580,802

521,000

382

630,527

525,250

283

574,717

529,900

Condos

127

300,037

265,000

164

306,862

265,000

147

315,371

289,000

Townhomes

70

395,893

360,750

79

417,687

365,000

47

412,178

385,000

Mfd. Homes

17

203,765

118,750

17

112,559

110,000

19

125,521

120,000

TOTAL RESIDENTIAL

559

 

 

642

 

 

496

 

 

TOTAL SALES

583

 

 

664

 

 

523

 

 

ACTIVE LISTINGS

4,772

 

 

4,833

 

 

5,094

 

 

SFD = Single-family Dwelling July 2013, MLS® Real Estate Sales and Six-Month Average Prices over June 2013 New Picture * All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island.     

738 Views

Leave a Comment

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. 


Join Us On Social Media