Ron's Candid Thoughts on Today's Market in Victoria

The increasing trend of improved Buyer Optimism carried over from April’s increases sales activity with even more sales in May totalling 659 exactly the same as the sales reported in May 2012. The other side of the numbers is that the volume of 1,428 new listings reported in May was substantially down from the 1,740 new listings reported in May of 2012. The result is that we’ve had a slight decline in the overall number for sale as of June 1, 2013 to 4,783 now down from over 5,000 June 1, 2012. This combination of increased sales and optimism together with decreased listings available suggests that we’re in a trend towards a more balanced market. With interest rates still extremely low, although it’s challenging to get approved to borrow, particularly as self-employed for the purpose of investment, I feel strongly that it’s an excellent time to buy in our market, particularly for move up buyers and investors. VICTORIA REAL ESTATE BOARD FOR IMMEDIATE RELEASE June 3, 2013 SECOND QUARTER STRENGTH IN GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC–Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System. “We are continuing to see improved consumer confidence in the marketplace,” President of the Victoria Real Estate Board. “Our Members are much busier with showings and writing offers, but say they are working harder to help their clients satisfy stricter lending rules. This quarter is definitely much stronger than the first quarter of 2013.” Buyers remain price sensitive. “Homeowners who are pricing their properties competitively, not expecting the higher sale prices of 2008, are selling their homes”. “With 4,783 active listings, buyers have plenty to choose from. With higher sales volumes and a reasonable inventory level, Greater Victoria continues to edge towards a balanced market.” There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012 at $533,000. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. “With average and median prices fluctuating on a monthly basis, it’s more important than ever for consumers to consult a REALTOR®.”

Total Waterfront Single Family Dwellings sold: 18, up 3 over May 2012

Total Non-Waterfront Single Family Dwellings sold: 366, down 7 over May 2012

Single Family Dwellings sold over $1 million: 18 (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®.

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

* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island