October 2012 Vreb Statistics
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The Victoria real estate market is experiencing a standoff as prices remain steady but sales numbers decline slightly. Total residential sales in September 2012 were 400, down from 435 the previous September. The average price of single family homes was $589,361, a small decrease from 2011. The market is in a wait-and-see attitude as buyers wait for lower prices but sellers are pricing reasonably given current conditions. Condominium and manufactured home sales were unchanged while townhome sales declined 10% compared to September 2011.
October 2012 Vreb Statistics
- 1. FOR IMMEDIATE RELEASE October 3, 2012 VICTORIA REAL ESTATE MARKET AT A STANDOFF AS PRICES REMAIN STEADY (revised due to error*) VICTORIA, BC—REALTORS® across Vancouver Island are experiencing a “wait and see” attitude amongst buyers and sellers alike. The result? Prices remain steady but sales numbers are down in some categories. Total MLS® residential sales for September 2012 were 400 compared to 435 in September 2011. During the month, 216 single family homes sold throughout the Victoria Real Estate Board’s region, just 28 fewer than the 244 sold in September 2011. The average price for single family homes sold in Greater Victoria last month was $589,361, down from September 2011’s average of $622,393. The median price is down by $16,500 to $517,500 over September 2011. There are 5,025 active listings. “We are at a bit of a standoff in the Greater Victoria real estate market,” says Carol Crabb, President of the Victoria Real Estate Board. “Buyers are waiting for prices to go down, but there are no economic indicators to show that will happen. Sellers are pricing their properties reasonably for the current market, which is reflected by the fact that single family homes are selling for an average 96% of list price. “The median price of a single family home is only 1.5% lower than last year and that number has held steady for the last five months,” Crabb says. Condominium and manufactured home sales are virtually unchanged over September 2011 (approximately 1% each), while townhomes sales have declined 10%. Total Waterfront Single Family Dwellings sold: 18, up 7 sales from 2011 Total Non‐waterfront Single Family Dwellings sold: 198, down 35 sales from September 2011 Single Family Dwellings sold over $1 million: 14 (0 over $2 million) *The original news release issued on October 1, 2012 contained an error. We apologize for any inconvenience this may have caused. STATS QUICK REFERENCE September 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria 2012 ‐ September 2012 ‐ August 2011 ‐ September No of Average Median No of Average Median No of Average Median Sales Price $ Price $ Sales Price $ Price $ Sales Price $ Price $ Single Family 190 589,361 518,500 215 590,843 530,000 212 622,393 535,000 Gr. Victoria Single Family 26 595,452 517,202 25 565,418 460,000 32 517,734 412,500 Other Areas Total* Single 216 595,452 517,500 240 588,195 526,250 244 608,668 525,000 Family All areas Condos 127 320,304 263,450 127 320,650 262,900 128 332,490 279,900 Townhomes 46 391,291 378,500 47 432,459 369,000 52 436,039 391,000 Manufactured 11 135,036 148,000 16 131,069 106,450 12 119,000 92,500 Homes TOTAL 400 430 436 RESIDENTIAL TOTAL SALES 419 462 458 TOTAL ACTIVE 5,025 5,034 4,940 LISTINGS
- 2. ‐ 2 ‐ September 2012, MLS® R Real Estate Sales and Six‐Mo onth Average P Prices over August 2012 Number of Sales (Gr. . Victoria only y) September r 2012 COMPAR RED TO AUGU UST 2012 SINGLE FAMILY CONDOS S TO OWNHOMES 190 127 42 ‐ 11.63%% 0% ‐ 8.70% Six‐Mont th Average P Price (Gr. Vic ctoria only) Se eptember 201 12 COMPARED TO AUGUST 2012 SINGLE FAMILY CONDOS TOWNHOMES S $599,427 7 $321,73 30 $416,869 ‐ 1.30% ‐ 0.60% % ‐ 0.51% Number of Sales (All Areas) Septe ember 2012 CO OMPARED TO AUGUST 201 12 SINGLE FAMILY CONDOS S TOWNHOMES S 216 127 46 ‐ 10.00% 0% ‐ 2.13% Six‐Mont th Average P Price (All Are eas) September 2012 CO OMPARED TO O AUGUST 201 12 SINGLE FAMILY CONDOS S TOWNHOMES S $597,2022 $320,7779 $414,338 ‐ 0.82% ‐ 0.60% ‐ 0.72% * Total Sin ngle Family Alll Areas includees Shawnigan Lake/Malaha at, Gulf Islandss and Up Islan nd While the use of averagee price informaation can be usseful in establis shing trends when applied ov ver a period of f six months or longer, the Vict time, e.g. s toria Real Estate Board cautions that an av verage price do oes not indicate e the actual valu ue of any partic cular property.. Those requiring specific info ormation on pr roperty values should contacct a REALTOR®. ‐ 30 – For information: Maggie Kerrr‐Southin APR Manager, Communications al Estate Board Victoria Rea Direct Phone: 250.920.4652 2; Cell: 250.516.5 5596 Email: mkerrrsouthin@vreb. .org