Showing posts with label Townhomes. Show all posts
Showing posts with label Townhomes. Show all posts
Monday, May 5, 2008
April Townhome Sales Graphs
Just a couple of graphs showing townhome sales numbers and median sales prices over the previous years.
Saturday, October 20, 2007
October 20 Week Ending Stats
SFH listings on MLS are down slightly this week. Here's a new graph for perspective on how the SFH market has changed from one year ago. I'll probably continue to graph SFH listings numbers in this format from now on.
Condo listings continue to rise. 1243 condos listed on MLS this morning. There were 1214 last Saturday, 1181 two weeks ago, 1138 three weeks ago. This rise in condos listings will put the VREB month end active listings numbers above September 2007 and above October 2006. I think we may actually come close to our peak listings from June of this year. This would put the market at six months of inventory.
In the circle of people I know, a few of them have mentioned that they think the market is softening, and are debating on putting their homes up for sale. They don't need to sell, but if they can get such and such a price, they would sell. That's fine for them, but I don't think that approach is selling homes today. A home in Victoria needs to be very competitively priced to sell quickly. This appears to also apply to new condo and townhome developments.
Take Casa Bella townhomes in Langford in comparison to the townhomes of Reflections, The Pearl on Hillside, and Richmond Gate. Casa Bella has sold like hotcakes, the others are not, to say the least. Casa Bella homes are the same size or larger, and priced less than the others. It doesn't surprise me that they have essentially sold out (21 - three bedroom units). Reflections has not sold one townhome, The Pearl has sold 2 of their 5, Richond Gate has sold 2 of their 6.
I know this sounds like a plug for Casa Bella. It's not intended to be. I think they represented value for your money compared to others. That's what it takes to sell in today's market.
I wonder how long the developers (or whoever put the initial investment forward) of Tuscany Village, Richmond Gate, The Breakwater, The Julia, and others, can hold out before we see some real price decreases.
Condo listings continue to rise. 1243 condos listed on MLS this morning. There were 1214 last Saturday, 1181 two weeks ago, 1138 three weeks ago. This rise in condos listings will put the VREB month end active listings numbers above September 2007 and above October 2006. I think we may actually come close to our peak listings from June of this year. This would put the market at six months of inventory.
In the circle of people I know, a few of them have mentioned that they think the market is softening, and are debating on putting their homes up for sale. They don't need to sell, but if they can get such and such a price, they would sell. That's fine for them, but I don't think that approach is selling homes today. A home in Victoria needs to be very competitively priced to sell quickly. This appears to also apply to new condo and townhome developments.
Take Casa Bella townhomes in Langford in comparison to the townhomes of Reflections, The Pearl on Hillside, and Richmond Gate. Casa Bella has sold like hotcakes, the others are not, to say the least. Casa Bella homes are the same size or larger, and priced less than the others. It doesn't surprise me that they have essentially sold out (21 - three bedroom units). Reflections has not sold one townhome, The Pearl has sold 2 of their 5, Richond Gate has sold 2 of their 6.
I know this sounds like a plug for Casa Bella. It's not intended to be. I think they represented value for your money compared to others. That's what it takes to sell in today's market.
I wonder how long the developers (or whoever put the initial investment forward) of Tuscany Village, Richmond Gate, The Breakwater, The Julia, and others, can hold out before we see some real price decreases.
Monday, June 25, 2007
Focus on Townhome Sales
Some generalizations can be made regarding townhome sales in Greater Victoria over the past couple years - marginal median price increases, slightly declining sales numbers. However, the only consistent aspect of townhome sales in individual regions is their inconsistency. Some months have brought huge sales numbers, other months, very small sales numbers. Some months, huge year-over-year median price increases, others, large negative year-over-year prices.
The volume of townhome sales in Greater Victoria since 2005 has decreased ever so slightly. Median sales prices have risen marginally during that same period of time.
The City of Victoria had more townhome sales in 2005 than 2006 and thus far this year. The median price was all over the graph in 2005. 2006 and 2007 have not seen any real median sales prices increases.
In Langford, townhome sales numbers are showing monthly increases this year over previous years, with the exception of May of 2006. Median prices have been steadily rising.
Saanich has seen consistent townhomes sales over the past 2 1/2 years. The monthly median price flip-flopped back and forth in 2005 and 2006. 2007 has seen a monthly year-over-year price increase each month. December 2006 had a very distorted median price due to very low sales volume.
Finally, year-over-year percent increases of median sales prices. There is no obvious trend. I would attribute this to there having not been a huge run-up in sales prices of townhomes since 2005. Even with the continued building of luxury properties, the median price of townhomes have not risen as substantially as that of single family homes.
Or have they?
The volume of townhome sales in Greater Victoria since 2005 has decreased ever so slightly. Median sales prices have risen marginally during that same period of time.
The City of Victoria had more townhome sales in 2005 than 2006 and thus far this year. The median price was all over the graph in 2005. 2006 and 2007 have not seen any real median sales prices increases.
In Langford, townhome sales numbers are showing monthly increases this year over previous years, with the exception of May of 2006. Median prices have been steadily rising.
Saanich has seen consistent townhomes sales over the past 2 1/2 years. The monthly median price flip-flopped back and forth in 2005 and 2006. 2007 has seen a monthly year-over-year price increase each month. December 2006 had a very distorted median price due to very low sales volume.
Finally, year-over-year percent increases of median sales prices. There is no obvious trend. I would attribute this to there having not been a huge run-up in sales prices of townhomes since 2005. Even with the continued building of luxury properties, the median price of townhomes have not risen as substantially as that of single family homes.
Or have they?
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