Real Estate In Victoria BC - Monthly Update
Real Estate sales in the Greater Victoria area followed the expected trend and softened a bit last month as many people enjoyed vacation time with family and friends. The prices also moderated somewhat. There was a total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). Last year we had 616 sales in July and 846 sales in August.
Bill Ethier and Properties In Victoria Professionals, note that today’s buyers now have more properties from which to choose than at any time since 1996. This is great for all buyers. 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.
The 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 Real Estate Area last month was $549,914, down from over $578,000 in July. If we look at the six-month average, it was $592,582. Further the median price in August was considerably lower at $512,000. How about the more prestigious and luxuary homes? Well, 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 for townhouses in August was $382,000. The condo market last month was just about unchanged from July with an average price of $302,200. The average for the last six months was $319,825. The median price for condominiums in Victoria in August was $280,000.
Total MLS® sales last month in the greater Victoria real estate area included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.
If you would like to have some more info here are some graphs that might be of interest.
Summary Report and Graphs
Victoria Real Estate Monthly Sales Summary
Victoria Real Estate Average Selling Price Graphs
Victoria Real Estate Active Listings, New Listings and Sales Graphs
What do you think the real estate market will do in the next year? Write some comments below and let us know. Further, to Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter. If you are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Wednesday, 3 September 2008
Monday, 1 September 2008
Victoria BC Real Estate - BCREA Realeases the July Stats for the Province
The BC Real Estate Association has published the latest stats for major regions of BC.
Please see below for the latest information. Is it bad? No, it looks pretty good, but will the upward trend in Victoria continue? I believe we will see more moderation in prices and if not a slight downward tend in the coming 6 months to a year. A healthy correction. This should make buyer's happy!!!
July MLS Statistics:
Multiple Listing Service® residential units sold in BC totalled 6,541 for July, a decline of 37% versus the same month last year. The dollar volume of residential sales fell to $2.9 billion, a 38% drop against July 2007. July’s average residential home price of $444,358 represented a 0.5% decline compared to the July 2007 average ($446,481), and a 4% decline versus the June 2008 average ($463,458).
Greater Vancouver: Residential units sold totalled 2,215, a 44% decline compared to the same month last year, while dollar volumes decreased 45% to $1.3 billion. The average residential home price softened to $575,256, a decrease of 1% against July of last year.
Fraser Valley: Units sold totalled 1,216, a 37% drop against the same month last year, while dollar volumes fell 35% to $526 million. The average residential home price was $432,686, a 1.7% increase over July 2007.
Chilliwack: July sales declined 41% as measured by both units and dollar volumes, with 180 units clearing for a total of $54 million. The average residential home price retreated 0.7% against July of last year, settling at $301,923.
Victoria: Units sold totalled 592, a 32% decline compared to July 2007, while dollar volumes decreased 29% to $289 million. The average residential home price climbed to $487,864, an increase of 5% against July of last year.
Vancouver Island: Units sold totalled 709, a decline of 30% versus the same month last year. Compared to July 2007, dollar volumes dropped 27% to $238 million, while the average residential home price rose 4% to $336,204.
Okanagan (including South Okanagan): The Okanagan and South Okanagan markets recorded 646 units sold in July, a 40% decrease compared to July of last year, while dollar volumes declined 37% to $260 million.
Kamloops: Units sold totalled 232, a 30% decline against the same month last year, while dollar volumes declined 20% to $74 million. However, average residential home price climbed to $321,030, a level 13.5% higher than the area’s July 2007 average price.
BC Northern: Residential sales continued to drop in July, with 450 units sold representing a 15% decline in unit sales against July 2007. Dollar volumes fell 5% to $101 million, while average residential home prices rose 12% to $223,449 against the year-ago period.
Kootenay: Residential units sold totalled 252, a 29% decline compared to the same month last year, while dollar volumes fell 19% to $78 million. The average residential home price grew to $310,493, an increase of 13% against July 2007.
Source: British Columbia Real Estate Association (BCREA)
For more information the Victoria Market please feel free to contact us or visit our website http://www.propertiesinvictoria.com/ and click on Victoria Real Estate Market Update. The latest statistics for August will be out this week and we will have them uplaoded as soon as we see them.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Please see below for the latest information. Is it bad? No, it looks pretty good, but will the upward trend in Victoria continue? I believe we will see more moderation in prices and if not a slight downward tend in the coming 6 months to a year. A healthy correction. This should make buyer's happy!!!
July MLS Statistics:
Multiple Listing Service® residential units sold in BC totalled 6,541 for July, a decline of 37% versus the same month last year. The dollar volume of residential sales fell to $2.9 billion, a 38% drop against July 2007. July’s average residential home price of $444,358 represented a 0.5% decline compared to the July 2007 average ($446,481), and a 4% decline versus the June 2008 average ($463,458).
Greater Vancouver: Residential units sold totalled 2,215, a 44% decline compared to the same month last year, while dollar volumes decreased 45% to $1.3 billion. The average residential home price softened to $575,256, a decrease of 1% against July of last year.
Fraser Valley: Units sold totalled 1,216, a 37% drop against the same month last year, while dollar volumes fell 35% to $526 million. The average residential home price was $432,686, a 1.7% increase over July 2007.
Chilliwack: July sales declined 41% as measured by both units and dollar volumes, with 180 units clearing for a total of $54 million. The average residential home price retreated 0.7% against July of last year, settling at $301,923.
Victoria: Units sold totalled 592, a 32% decline compared to July 2007, while dollar volumes decreased 29% to $289 million. The average residential home price climbed to $487,864, an increase of 5% against July of last year.
Vancouver Island: Units sold totalled 709, a decline of 30% versus the same month last year. Compared to July 2007, dollar volumes dropped 27% to $238 million, while the average residential home price rose 4% to $336,204.
Okanagan (including South Okanagan): The Okanagan and South Okanagan markets recorded 646 units sold in July, a 40% decrease compared to July of last year, while dollar volumes declined 37% to $260 million.
Kamloops: Units sold totalled 232, a 30% decline against the same month last year, while dollar volumes declined 20% to $74 million. However, average residential home price climbed to $321,030, a level 13.5% higher than the area’s July 2007 average price.
BC Northern: Residential sales continued to drop in July, with 450 units sold representing a 15% decline in unit sales against July 2007. Dollar volumes fell 5% to $101 million, while average residential home prices rose 12% to $223,449 against the year-ago period.
Kootenay: Residential units sold totalled 252, a 29% decline compared to the same month last year, while dollar volumes fell 19% to $78 million. The average residential home price grew to $310,493, an increase of 13% against July 2007.
Source: British Columbia Real Estate Association (BCREA)
For more information the Victoria Market please feel free to contact us or visit our website http://www.propertiesinvictoria.com/ and click on Victoria Real Estate Market Update. The latest statistics for August will be out this week and we will have them uplaoded as soon as we see them.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Sunday, 24 August 2008
Victoria BC Luxury Real Estate - Hot New Property for Sale!
Properties in Victoria Professionals are proud present a wonderful Broadmead home!
Enjoy the peaceful setting of this fantastic home in the heart of Broadmead. Wonderful south facing deck (with electric awnings for shade), with views of the Sooke Hills to enjoy your morning coffee, reading or summer BBQs. This fabulous home rests on just over 20,000 sqft of treed and well maintained land that will impress you with its beautiful rhododendrons and tranquil landscape. A bonus is the 1000 sqft 8 foot ceiling unfinished basement with own entrance.For more information on this property or any othe property on the Victoria MLS® system please contact us at 250-920-7000 or at info@propertesinvictoria.com or visit our website http://www.prestigiouspropertiesinvictoria.com/
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Friday, 8 August 2008
Victoria BC Real Estate - July Shows Little Change
Sales of real estate in the Greater Victoria area softened last month though prices for single family homes and townhomes showed little change. The average price for condominiums moderated somewhat. A total of 616 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 723 sales in June. Going back a year to July of 2007 we had 922 sales.
Bill Ethier of Properties In Victoria Professionals, notes that today’s balanced market and a larger inventory of real estate for sale give buyers more choice and flexibility. The number of properties available for sale increased modestly from the previous month rising to 4,557. That represents a 34% increase compared to July of last year and inventory now stands at the highest level since May, 1998.
Bill notes that prices remain stable through out the Victoria Real Estate Area. The overall average price of single family homes and townhomes showed little movement last month. The average price of single family homes in Greater Victoria real estate area last month was $578,177; the six-month average was $596,659 though the median was lower at $529,900. On the more so prestigious side, there was eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.
Let’s look at the rest of the real estate; the average price of all townhomes sold last month was $454,918 and the six month average was $435,786. The median price for townhomes was $417,450.
The overall average price for condominiums at $302,536 moderated last month, the lowest monthly average since May, 2007. This is not uncommon for this time of year since a lot of parents are purchasing condos for their kids to attend collage and university and these condominiums seem to be on the lower end of the price scale. The average for the last six months was $324,583 showing little change from the $326,904 six month average at the beginning of the year. The median price for condominiums in July was $285,000.
MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10 manufactured homes.
Here are the Victoria real estate summary Report and Graphs for your convenience
Victoria BC Real Estate Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Acrobat® Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. You can download and install this popular, free software download here.
To Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
Bill Ethier of Properties In Victoria Professionals, notes that today’s balanced market and a larger inventory of real estate for sale give buyers more choice and flexibility. The number of properties available for sale increased modestly from the previous month rising to 4,557. That represents a 34% increase compared to July of last year and inventory now stands at the highest level since May, 1998.
Bill notes that prices remain stable through out the Victoria Real Estate Area. The overall average price of single family homes and townhomes showed little movement last month. The average price of single family homes in Greater Victoria real estate area last month was $578,177; the six-month average was $596,659 though the median was lower at $529,900. On the more so prestigious side, there was eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.
Let’s look at the rest of the real estate; the average price of all townhomes sold last month was $454,918 and the six month average was $435,786. The median price for townhomes was $417,450.
The overall average price for condominiums at $302,536 moderated last month, the lowest monthly average since May, 2007. This is not uncommon for this time of year since a lot of parents are purchasing condos for their kids to attend collage and university and these condominiums seem to be on the lower end of the price scale. The average for the last six months was $324,583 showing little change from the $326,904 six month average at the beginning of the year. The median price for condominiums in July was $285,000.
MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10 manufactured homes.
Here are the Victoria real estate summary Report and Graphs for your convenience
Victoria BC Real Estate Monthly Sales Summary
Victoria BC Real Estate Average Selling Price Graphs
Victoria BC Real Estate Active Listings, New Listings and Sales Graphs
These documents are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Acrobat® Reader, you’ll probably be able to simply click on the document you’re interested in to view it here online. You can download and install this popular, free software download here.
To Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter.
Cheers,Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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