I don't know what to make of Victoria's real estate market. The lower interest rates do appear to be having an effect on the bottom end of the single family home market. Prices are not receding as I thought they would. And inventory is certainly not rising as I thought it would.
Today, there are 4257 properties for sale in Greater Victoria, according to this realtor's website. On March 22, I recorded 4311 properties for sale from the same website.
At the pace of sales so far this month, there should be approximately 330 - 340 SFH sold in April. Yes, this is less than last year, but not by much. Average sale price is hovering around $565000, the median around $525000.
The market peak for the year is usually in April and May. Perhaps what we are seeing is exactly to be expected. Any observations from the condo market?
Showing posts with label SFH. Show all posts
Showing posts with label SFH. Show all posts
Tuesday, April 21, 2009
Sunday, March 29, 2009
March Madness
March is going to be touted by the VREB as another month of a stable and balanced real estate market in Greater Victoria. They will likely continue to compare stats month-to-month, as that spins them in their favour.
Of the stats I'm keeping, it looks like March will have approximately 290 SFH sales, with an average between $535k and $540k. The median will be around $515k. Month-over-month this looks impressive. What about year-over-year? Last March, there were 374 sales, with an average of $597k and a median of around $530k. Now this March doesn't look so impressive.
Sorry, I don't have any info regarding townhomes and condos.
Of the stats I'm keeping, it looks like March will have approximately 290 SFH sales, with an average between $535k and $540k. The median will be around $515k. Month-over-month this looks impressive. What about year-over-year? Last March, there were 374 sales, with an average of $597k and a median of around $530k. Now this March doesn't look so impressive.
Sorry, I don't have any info regarding townhomes and condos.
Monday, February 23, 2009
New Post, YEAH!
Ok, here's a new post.
Picked up today's Macleans. Front cover was the housing bust. Read it online, it's ok.
I've been enjoying Garth Turner's posts these days. Seems that since he lost his political seat, he has much more time for his blog. Maybe he found his calling.
Oh yeah, real estate in Victoria. At this point, it looks like February average SFH sales price should come in around $520k, median at $485k. Total SFH sales should be around 200 for the month, big improvement over January, a far cry from previous Februaries.
Picked up today's Macleans. Front cover was the housing bust. Read it online, it's ok.
I've been enjoying Garth Turner's posts these days. Seems that since he lost his political seat, he has much more time for his blog. Maybe he found his calling.
Oh yeah, real estate in Victoria. At this point, it looks like February average SFH sales price should come in around $520k, median at $485k. Total SFH sales should be around 200 for the month, big improvement over January, a far cry from previous Februaries.
Sunday, December 14, 2008
Little Prairiegirl
My wife and I have been blessed with the addition of a little prairiegirl to our family. To say that life changes after having a baby is a absolute understatement! Especially when she likes to have her days and nights reversed. It's supposed to get better though, so we'll get through it, I'm not too worried. However, my blogging may suffer even more than it has lately - if that is possible!Real estate related, December is turning out to be another slow month. SFH sales should probably come in around 120 - 130 for the month. The average and median sale price are currently hovering around $510k thus far. Of course, any high priced home sales will immediately skew that number.
Saturday, November 29, 2008
Softening Prices
It looks like this blog has taken on its' own life and become a gold blog. Very interesting, and everyone seems quite opinionated.
The pace of sales of SFH in Greater Victoria has picked up in the latter part of this month. However, it is still historically very slow. We're now looking at around 120 SFH having sold in November. Prices have certainly softened as well. I'm calculating the average selling price for SFH to come in between $530k and $535k. This number would drop the price back to the February 2007 level. The median for the month should come in around $500k.
Total housing inventory for the region has dropped this month. Today, this website states there are 5033 properties for sale. On October 29th, there were 5281 properties for sale.
It will be interesting to see how Tony Joe spins this month.
The pace of sales of SFH in Greater Victoria has picked up in the latter part of this month. However, it is still historically very slow. We're now looking at around 120 SFH having sold in November. Prices have certainly softened as well. I'm calculating the average selling price for SFH to come in between $530k and $535k. This number would drop the price back to the February 2007 level. The median for the month should come in around $500k.
Total housing inventory for the region has dropped this month. Today, this website states there are 5033 properties for sale. On October 29th, there were 5281 properties for sale.
It will be interesting to see how Tony Joe spins this month.
Wednesday, October 29, 2008
October's last two days
Victoria's home sales have gone off the cliff this month. My estimate today is similar to what I had after the first 10 days of the month. It looks like there will have been 150 - 170 SFH sold in October in Greater Victoria. Within the past 4 years, the previous lowest monthly sales was December 2005 with 183 sales. It looks like the average sale price will have rebounded from last month - I'm estimating it to be around $570000. The median looks to be between $480k and $490k.
I've heard condo sales have been very slow as well. What's the word on the street?
I've heard condo sales have been very slow as well. What's the word on the street?
Saturday, October 11, 2008
Week Ending October 11
Due to the recent changes on the MLS.ca website, I'm no longer able to closely track housing inventory numbers as I have in the past. I guess, as a consumer, the changes aren't too bad. I like the mapping, however, it would be nice to be able to search within a defined region.
I am following sales more closely these days. Based on the first 10 days of October, sales have dropped off the side of a cliff. If the trend continues from the first 10 days of the month through to the end, we will be looking at around 150 to 175 SFH sales. The three previous Octobers had 344, 312, and 299 sales, respectively. Median sale price is running around $470000, the average is around $560000 (this due to a $3million home selling in Oak Bay).
Tuesday is our big day in Canada - get out and vote! We have all seen this video on TV or the Internet already, but I think it would be good to give it another view.
Have a great long weekend, and let's remember to be thankful for all of our blessings.
I am following sales more closely these days. Based on the first 10 days of October, sales have dropped off the side of a cliff. If the trend continues from the first 10 days of the month through to the end, we will be looking at around 150 to 175 SFH sales. The three previous Octobers had 344, 312, and 299 sales, respectively. Median sale price is running around $470000, the average is around $560000 (this due to a $3million home selling in Oak Bay).
Tuesday is our big day in Canada - get out and vote! We have all seen this video on TV or the Internet already, but I think it would be good to give it another view.
Have a great long weekend, and let's remember to be thankful for all of our blessings.
Friday, August 29, 2008
Is Summer Over?
It sure feels like it. The weather network says that next weekend should be above average temps - I hope so. As for the real estate market, summer is definitely over.
From what I'm seeing, sales of SFH are way down. I'm estimating August sales for SFH to be around 240. From 2005 - 2007, August SFH sales were 350, 328, and 399 respectively. I'm estimating the average sale price for SFH in August to be $560k - $570k. Last year it was $576k. Median should come in around $525k, higher than last year.
I follow SFH much closer than condos or townhomes. I'd guess condo sales will also be below previous Augusts, with a slight month-over-month price decrease. Townhomes, also lower sales, but a steady sales price.
This realtor's website has 5049 properties currently for sale in Greater Victoria. I recorded 4915 properties for sale at the end of July. VREB inventory numbers should increase by around 150, to approximately 4700. August 2007 had around 3350 properties for sale.
What are you seeing in your neighbourhoods? My street block has 6 for sale signs. That's the most I've ever seen here at one time.
Have a great long weekend! Back in September with the monthly stats!
From what I'm seeing, sales of SFH are way down. I'm estimating August sales for SFH to be around 240. From 2005 - 2007, August SFH sales were 350, 328, and 399 respectively. I'm estimating the average sale price for SFH in August to be $560k - $570k. Last year it was $576k. Median should come in around $525k, higher than last year.
I follow SFH much closer than condos or townhomes. I'd guess condo sales will also be below previous Augusts, with a slight month-over-month price decrease. Townhomes, also lower sales, but a steady sales price.
This realtor's website has 5049 properties currently for sale in Greater Victoria. I recorded 4915 properties for sale at the end of July. VREB inventory numbers should increase by around 150, to approximately 4700. August 2007 had around 3350 properties for sale.
What are you seeing in your neighbourhoods? My street block has 6 for sale signs. That's the most I've ever seen here at one time.
Have a great long weekend! Back in September with the monthly stats!
Sunday, April 6, 2008
Monday, November 19, 2007
Regional SFH Numbers
First of all, what a great couple of football games yesterday! Being from the prairies, I couldn't be happier! Winnipeg vs. Regina in the Grey Cup! Perhaps the CFL's greatest rivalry. Sunday's game should be a real barn-burner!
Back to real estate, following are graphs of sales numbers and median selling prices for Victoria, Saanich, Oak Bay, Esquimalt, and Langford. A picture is worth a thousand words, so that's all from me.
Victoria
Saanich
Oak Bay
Esquimalt
Langford
Back to real estate, following are graphs of sales numbers and median selling prices for Victoria, Saanich, Oak Bay, Esquimalt, and Langford. A picture is worth a thousand words, so that's all from me.
Victoria
Saanich
Oak Bay
Esquimalt
Langford
Sunday, September 23, 2007
September 22 Week Ending Stats
The increase in listings of SFH on MLS.ca that we saw last week disappeared this week. There were 31 fewer SFH listed this Saturday than last Saturday. The largest decrease was between $400k and $600k. 29 fewer homes in that price range. Homes priced above $700k, there are 5 more homes listed.
Tuesday, August 7, 2007
Focus on SFH Sales
As I did for condos and townhomes, I've made a few graphs for SFH sales and median prices for Greater Victoria, Victoria, Langford and Saanich.
The number of sales of single family homes in Greater Victoria is higher this year than 2005 and 2006. Median sale price is increasing, and has not been negative year-over-year since 2005.
The City of Victoria has had high sales numbers the past couple of months. The median sale price is down from earlier this year. June's median sale price was negative year-over-year.
Langford has had an average number of SFH sales thus far this year. The median sale price is increasing.
Saanich home sales have been on a tear the past two months. Median sale price is consistently increasing at around 10% year-over-year.
All regions' year-over-year median price increases (%) have risen from late 2006 and early 2007. It's difficult to determine a definitive pattern due to our small market. There have been very few year-over-year monthly decreases since 2005.
I plan to have graphs for other municipalities in the future. Hopefully this provides a little food-for-thought.
The number of sales of single family homes in Greater Victoria is higher this year than 2005 and 2006. Median sale price is increasing, and has not been negative year-over-year since 2005.
The City of Victoria has had high sales numbers the past couple of months. The median sale price is down from earlier this year. June's median sale price was negative year-over-year.
Langford has had an average number of SFH sales thus far this year. The median sale price is increasing.
Saanich home sales have been on a tear the past two months. Median sale price is consistently increasing at around 10% year-over-year.
All regions' year-over-year median price increases (%) have risen from late 2006 and early 2007. It's difficult to determine a definitive pattern due to our small market. There have been very few year-over-year monthly decreases since 2005.
I plan to have graphs for other municipalities in the future. Hopefully this provides a little food-for-thought.
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