Anny Schaefer

Whatever your natural habitat may be

The real news in Greater Victoria is the very low inventory.
 
Here's how things looked as of Monday morning:
Inline images 1
 
Monday was June 6 -- 20% of the month
  • 20% of last June's Net Unconditional Sales (910) would be 182 and we're at 187 so very close;  
  • 20% of 1,346 New Listings for the month would be 269 and we're at 226--about 16% less. 
  • Active Listings is a point-in-time--on Mon. June 6, 2016 there were 2,354 compared to 4,003 on June 30, 2015 -- so inventory was less than 60% of last year's, and last year inventory was already pretty low.

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Creative Commons Licence [Some Rights Reserved]   © Copyright Stuart Logan and licensed for reuse under this Creative Commons Licence.

In a tight market like this, both sellers and buyers can use some extra hand-holding. If you're ready to buy or sell in Victoria, contact me for personalized support as you navigate the buying or selling process.

 

The month-to-date market statistics are in and as of May 24, 2016, sales in Victoria are higher than last year.--979 compared to 905 this time last year. Adding to the tight market, there are currently only 2,431 listings compared to 4,043 this time last year (which also seemed low). Furthermore, there have been only 1,082 new listings so far this month compared to 1,485 last year.

 

©VREB

 

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If you're following the Victoria real estate market at all, you've probably already heard that half again as many homes were sold in March 2016 as in March 2015---1,121 properties compared to 734. And that inventory remains low. Have a gander at this somewhat alarming graph from the Victoria Real Estate Board:

 

It's a classic Sellers' Market in some areas--especially near the downtown core and in most areas of the Saanich Peninsula. Many homes are selling within a few days (or occasionally even 0--that's "zero" days) of being placed on the Multiple Listing Service (MLS®) system. There are frequently multiple offers, often resulting in a sale price that's a lot higher than asking price. 

 

Buyers take heart, though! The "inventory level" is a static snapshot number taken at month-end. All those houses people are buying are coming from somewhere. This graph shows the NEW listings alongside sales, and what's particularly interesting is comparing the new listings in March of 2016 (with its very high number of sales!) to the new listings in March of 2015 and March of 2014. Last month, there were 1,335 new residential listings, compared to 1,324 in March of last year and 1,155 in March of 2014. These can be thought of as the "flow" of houses INTO the market while the line representing sales is the flow OUT of the market. 

What this means for you if you're a Seller is that it's a great time to sell your home, if you can (but you already knew that). What it means for you if you're a Buyer is that it IS possible to buy a home even in this market. As your REALTOR®, I can help you with time-honoured strategies that will give you a better shot at getting the home you want. Call today!

Data and charts courtesy of Victoria Real Estate Board Multiple Listing Service ®
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The stats are in for March 2015 real estate activity in Victoria, BC and confirm what we all thought--that it's a very active market and listings are in short supply.


The Victoria Real Estate Board just released data showing:

  • Property sales were up 27.7% over March 2014
  • That includes sales of 393 single family detached homes (SFD)--the highest March numbers since 2010 (414)
  • Active listings: 3,679. That's 6.9% lower than March 2014!
  • The Multiple Listing Service® Home Price Index (HPI) for a SFD home in the Victoria Core rose to $569,700 from $560,500 in March of last year.
  • We're now inching into Sellers Market territory, where the Sales to Active Listings Ratio is nearing 25% overall.
It's a great time to sell because of high demand and low inventories.

It's still a great time to buy because of low interest rates. You need to be prepared to pounce quickly when you find a place that meets your needs. Multiple offer situations are becoming more common.

DAYS TO SELL figures have dropped for the following types of property.
  • SFD has dropped to 51 from 62 (-18%)
  • Condo has dropped to 64 from 78 (-18%)
  • Strata Duplex (Side by Side) has dropped to 38 from 64 (-41%)
Contact me soon if you're thinking of buying or selling in the Victoria area! I work hard to get the best outcomes for my sellers and buyers in a challenging market.
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Here's the official release from the VREB:

Victoria Real Estate Market

Another Busy Month for the Victoria Real Estate Market

April 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.

"We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year."

There were 3,769 active listings for sale on the Multiple Listing Service(r) at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.

The Multiple Listing Service(r) Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.

"Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase," President Crozier adds. "Consumer confidence in local real estate appears to be high, and it's likely that buyers are taking advantage of low interest rates."

Victoria Real Estate Board President Guy Crozier is available for comment. More information on the March 2015 report and the Multiple Listing Service(r) Home Price Index is available from the Victoria Real Estate Board, vreb.org.

About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS(r). The Victoria Real Estate Board represents approximately 1,200 local REALTORS(r).

View our press release and summary here.
View our complete statistical package here.

Notes for Interpreting Our Statistics

The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

The documents we link to on this page are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Reader, you'll probably be able to simply click on the document you're interested in to view it here online. If not, you can download and install this popular, free software.

Courtesy of the Victoria Real Estate Board


 

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House prices in Victoria rose by 0.5% in February compared to January. Victoria is one of only a few cities in Canada that saw a rise in the Teranet–National Bank National Composite House Price Index™ last month. The only other 2 markets that increased were Vancouver (+1.5%) Hamilton (+0.3%), while the other 8 metropolitan markets Teranet tracks declined month over month, leading their analysts to conclude: "In some markets there have clearly been corrections in progress." Victoria isn't one of those!

 

On an annual basis, Victoria saw house prices rise almost 4% over February 2014.

 

"BC Parliament Buildings" by Sébastien Launay is licensed under CC BY 2.0


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If you've been thinking of selling your home, now

could be a great time to list. 


The stats are out for Victoria home sales in February 2015, and they show that residential sales were up by nearly one-third (+31.8%) over the previous February. Add to the mix that listings are down by nearly 8% from last year, and you can see why there could start to be some upward pressure on prices.


The HPI Benchmark Price for a Single Family Detached (SFD) home in the Victoria core sits at $557,000, up 1.3% from Feb. 2014. Similarly, the Condo benchmark price in Greater Victoria now stands at $289,200, which is 4.4% more than last year.


Call me if you'd like to talk about listing your home, or if you'd simply like more info about the Victoria real estate market!


 


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VREB Newsletter

Victoria Real Estate Market's Summer Season Surpasses Expectations

September 2, 2014

Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014.

 

  • 609 properties sold in the region in the month of August 2014 - an increase of over 12% compared to the 540 properties sold last year in August.
  • 2014 shows a 10.5% increase in year-to-date sales compared to last year.

"When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised." Victoria Real Estate Board President Tim Ayres says. "But sure enough, the market outperformed last year's sales again in August and we've had the busiest August we've seen in five years."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 - this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year.

"We've seen balanced market conditions for 6 months now," adds President Ayres, "This means we're not in a buyer's or a seller's market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It's a great place for sellers and buyers."

 

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the August 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

 

About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.

View our press release and summary here.

View our complete statistical package here.

Notes for Interpreting Our Statistics

The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.

 

The documents we link to on this page are stored in PDF format. If your browser already has a PDF plug-in like the Adobe Reader, you'll probably be able to simply click on the document you're interested in to view it here online. If not, you can download and install this popular, free software by clicking here.

 

Courtesy of the Victoria Real Estate Board

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