Victoria BC Real Estate Blog

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 Blog Post: Victoria BC Home Sales Slowing ....Chicken Lickin "Is the Sky Falling?"

Chicken Lickin...Is The Sky Falling?

I thought I would address the current real estate market in Victoria, a lot of recent News is on a softening real estate market in Victoria , BC.

The local rumors are Flying about slowing home sales!

NOT SO....

Here goes.... Was there a slow market selling market last month? Not for my Sellers and Buyers.I Sold 5 Homes, 2 in a bidding war, both selling over the asking price, both selling in 2 days. No Slow Market for me  in June in Victoria BC.

 So lets see what happened throughout the rest of the City During the month June in Victoria real estate sales !

In the Month of June.
I'll break down the different properties as follows:

                         Listing       List Price         Sales            DOM   Average Selling Price
Single Family            1342              $492,690          674 =50%              53           $479,846 = 97% of List Price
Condominiums           296               $386,757           172 =58%              52           $321,136 = 83% of List Price          
Townhouses               105                $438,743             27 =25%              14           $409,881 = 93%  of List Price
Lots/Acreages           145                $376,551             31 =21%            118          $285,303 =76%  of List Price
Mobile Homes              29                $158,648             20  =66%             49           $138,494 = 87% of List Price

It would appear based on Current MLS Real Estate Sales activity, our real estate market.... appears to not be Slowing. The homes for sale inventory on MLS is growing. Over 50% of the Homes Listed For Sale in Greater Victoria in June on MLS Sold within 97% of the Listing Price with an average days on the market of 53 days...the remaining single homes for sale in Victoria have been only on the market for 27 days. It Would appear the Condo and Townhouse Inventory are slowing a little, good pricing can correct Condo or Townhouse sale.
As the Summer continues home buyers in Victoria have lots of great choices. If the mortgage interest do in fact go up in the Fall, Sales will *** up with Buyer that are pre approved for their mortgage financing with great mortgage interest rates. Be sure to get pre approved for your home mortgage, so you'll have a lower rate locked in case the Canadian Banks and Credit Unions do increase them this Fall or Winter.

In fact..... we have barely a  2 month supply of single family homes for sale throughout Greater Victoria. Correct Pricing is important, it would appear you need to be close to the Average selling price and a Victoria Realtor with a good marketing plan to see a sale quickly here.Victoria home buyers are comparative shoppers and appear to buy a home listed for sale within 53 days of being listed on our MLS system.

This review does not cover Revenue or Commercial properties for sale throughout Greater Victoria..

Source of the Data is the Victoria Real Estate Board computer software, any questions call Fred Carver at Re/Max Camosun to find how to sell your home quickly. 250-598-2963

 We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends.  Below you will find Fairfield Victoria BC real estate statistic for July 4, 2008.

New listings homes, condo’s and townhouses New to the market in July= 2

Number of new pending sales= 13

Number of Sold’s (completed sale last 30 days)= 2

Number of homes expiring last 30 days= 6

Current Pending Sales -Average days on the market= 30

Year to-date (03/13/07 to 03/13/08) Activity:  Solds = 326 Total Pending = 37, (Pending Average Days on the Market= 42, Current Active listings of homes, condo’s and townhouses = 50)

Average Current Pending Selling Price in Fairfield :

Single family homes in June = $731,166 (median $744,500) from 6 new sales DOM 30.

Condo & Townhouse in June= $371,257 (median $322,000) from 8 new sales DOM 27

Go Here to find the value of your home 

If you would like a free list of homes for sale in this neighborhood, and would like more information about Fairfield or would like to be the first to know about HOT new listings before other buyers do, then give me a call at: 598-2963

Fred Carver Associate Broker

Promise Made…Promises Kept !

Fred Carver Real Estate Marketing with Re/Max Camosun

598-2963,  Calling from out of town? Call toll free 1-800-663-2121

Find Hundreds of homes for sale throughout Victoria

Copyright © 2008 By Fred Carver All Rights Reserved "Fairfield Victoria Real Estate March Market"

 Effective June 23, 2008 the Federal Government Of Canada put in place a New Law that requires All Realtors to Record their Clients Idenfication on both sides of a real estate transaction, sales and listings, Realtors are required keep this information for 5 Years!

Effective June 23, 2008, for every purchase or sale of real estate, your Realtor will also have to keep a client information record. This record sets out the client’s name and address, and the nature of the client’s principal business or occupation. If the client is an individual, the client information record also has to include the individual’s date of birth.

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• 1,766 sq. ft., 1 bath, 2 bdrm single story - $479,000 CAD - Fixer Upper Near Oak Bay

Jubilee, Victoria  -  NEW LISTING 1512 Fell Street, To be SOLD AS IS. Estimated home age 1912, home is in disrepair and needs extensive upgrading and repair, value mainly in the land, (44’ x 132’ from Appraisal’). Bring your remodeling Ideas or building plans, Zoned R1B with the City of Victoria. Located just two doors off Oak Bay Ave, close to all amenities including Oak Bay Village shopping, Oak Bay Rec. Center, Safeway, LCB retail store, and the Jubilee Hospital. Turn of the Century Character homes line the street, very popular location. Allow time for acceptance. Call today for details and to View.

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Tillicum, Saanich West  -  NEW LISTING on 3155 Millgrove Street, a 2,085 sq. ft., 2 bath, 4 bdrm 2 story. Now MLS® $455,000 CAD - SOLD in 4 Days with Fred Carver's Marketing Program, call Fred to Find out how to get your Home Sold Fast TOO.

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June 2, 2008 With a return to a balanced real estate market, home buyers in the Victoria area now have a much larger pool of properties from which to choose. The number of properties available for sale increased to 4,332 in May - a 25 % increase over the same month a year ago and the highest level since June 1998.

Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales remain stable although the number of sales is down compared to a year ago. "There was a total of 770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 sales in May of last year." Joe noted that a significant number of new properties came on the market last month: "There were 1,850 new listings in May - the highest number for a single month in over 18-years". Joe added that 24 sales over $1 million had an impact on the overall average price of single family homes in Greater Victoria which last month was $601,897; the six-month average was $606,985 though median was considerably lower at $545,000. There were also three sales on the Gulf Islands of over $1 million.

The average price of all condominiums sold in May was $336,157; the average for the last six months was $333,208. The median was again lower at $295,500. The average price of all townhomes sold last month was $435,058; the six month average was $433,854. The median price was $394,900.

MLS® sales last month included 470 single family homes, 168 condominiums, 71 townhomes and 25 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Source VREB

 In Victoria BC last week Realtor Fred Carver This Home Sold in two days with 20 showing at his 1st Open House which resulted in three offers with a Final sale price of $13,000 Over the Sellers asking price. All the result of intense Internet Blog and Web Site Marketing, before the 1st Open House.

These Sellers were very pleased. Results are important when Selling your home in todays real estate market in Victoria BC, If the Current trend of a growing inventory continues it will soon become a Buyers Market with unpredictable results for many home sellers throughout Victoria.....Be sure to research and talk to a Realtor like Fred Carver who not only has 35 years experience and seen many ups and down in real estate, Fred has developed a successful marketing plan to Sell Victoria Homes Quickly and for Top Dollar. Call Fred today to arrange a meeting to so he can develop a successful marketing plan to Sell your home too! Re/Max Camosun 598-2963  www.fredcarver.com   www.victoriahomesandproperties.com 

 We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends.  Below you will find Oak Bay real estate market review for May 25, 2008.

New Listings Homes, Condo’s and Townhouses this week = 15

Total Number of Active Listing = 129

Number of NEW Pending sales= 4

Number of Sold’s this week (completed sale) = 3

Number of homes expiring this week= 0

Current Pending Sales -Average days on the market= 54

Year to-date (05/25/07 to 05/25/08) Activity:  Solds = 314 Pending = 62, (Pending Average Days on the Market= 33)  Pending average selling price = $946,629

Year to Date Average Selling Price of homes = 307 Sales YTD Average Selling Price $907,300

To find the value of your home visit www.fredcarver.com

If you would like a free list of homes for sale in this neighborhood, and would like more information about Oak Bay or would like to be the first to know about HOT new listings before other buyers do, then give me a call at: 598-2963

Fred Carver Associate Broker

Promise Made…Promises Kept !

Fred Carver Real Estate Marketing with Re/Max Camosun

598-2963,  Calling from out of town? Call toll free 1-800-663-2121

Find Hundreds of homes for sale throughout Victoria

 We here at Fred Carver Real Estate Marketing Re/Max Camosun continuously monitor local real estate statistics to keep our clients informed and ahead of the real estate trends.  Below you will find James Bay real estate review at May 21, 2008.

Current  listings: homes, condo’s and townhouses on the market= 98

Number of Total pending sales= 32

New Listings this week:  15

New Pending Sales this week:  1

Number of Sold’s this week (completed sale)=  3

Average Single Family Home Selling price this week: 1 Sale @ $490,000

Average Condo/Townhouse Selling Price this week: 1 Leasehold @$184,900,  1 Waterfront Condo @$1450,000

Number of homes and condo’s listings expiring this week = 2

Average SF Selling Price YTD:  62 sales Average $606,267 Average DOM 41  

 Average Condo/Townhouse Selling Price YTD:  174 sales Average $462,261 Average DOM 50

If you would like a free list of homes for sale in this neighborhood, and would like more information about James Bay or would like to be the first to know about HOT new listings before other buyers do, then give me a call at: (250) 598-2963

Fred Carver Associate Broker

Promise Made ...Promise Kept!

Fred Carver Real Estate Marketing with Re/Max Camosun

Calling from out of town? Call  toll free 1-800-663-2121

Copyright © 2008 By Fred Carver "All Rights Reserved” James Bay Real Estate Weekly Review

NOW SOLD In Two Days! Simply Charming 1926 Character 5 bedroom Home. Neat as a pin throughout, lots of loving care and maintenance by the long term owners and family. Many upgrades over the years, making this a worry free home, located on a quite tree lined street near Smith Hill Reservoir, minutes to City Center and shopping. Full Basement, Large fenced rear yard with a detached Garage, Greenhouse, & storage shed . Loads of Character in this Charming home, call Fred Carver today to View. 598-2963

Use an Agent With a Internet Marketing Program That Works... Cal Fred Carver Today 598-2963

Victoria Real Estate News May Update:

Victoria Real Estate Remains Stable in March 

 

Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales

through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in

March but down from the 898 sales in the same month a year ago. Overall prices remain steady

but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the

average price of single family homes to a new record high.

 

Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for

sale continues to increase. “In April, there were 3,859 properties available for sale – a 17 per cent

increase over the 3,305 properties on the market in April of 2007. This increase in inventory

coupled with a moderation in the number of sales offers further indication of a more balanced

market that offers stability for both buyers and sellers.”

Joe added that despite the record high average price for single family homes, overall prices

remained steady last month. “The relatively large number of high-priced sales had a substantial

impact on the average price of single family homes in Greater Victoria, pushing this figure to a new

record high of $630,295 but it is important to note that the median or mid-range price was

substantially lower at $558,000.” Joe noted that nearly 28% of single family homes last month sold

for under $475,000.

 

The average price of all condominiums sold in April was $325,975; the average for the last six

months was $328,915. The median was again lower at $294,900. The average price of all

townhomes sold last month was $420,658; the six month average was $440,364. The median price

was $407,450.

MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and

20 manufactured homes.

Source VREB

Heritage Home James Bay, Victoria  -  Announcing a price reduction on 162 Medana Street, a 1,883 sq. ft., 4 bdrm 1 1/2 story.  Now MLS® $659,900 CAD - Excellant Value. Zoned for B&B with the City of Victoria, Priced below assessed value of $701,000. Sellers operated a B&B succesfully for 15 years, before retiring this year.

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While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

 

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues.  Innovative financing has become key to homeownership in today’s environment – with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

 

First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges.  As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.

 

Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St. John’s, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna.

 

Doom and gloom reports coming from south of the border have yet to hinder overall momentum.  First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. They’re determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.

 

Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average. For example, average price has surpassed the $600,000 benchmark in Greater Vancouver, while the starting price for a detached home can hover as low as $237,500 in the peripheral areas. 

 

The best value for the dollar continues to be found in the suburbs.  For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country’s major centres can be picked up as low as $150,000 to $175,000.

                                                                       

###

 

RE/MAX of Western Canada (1998) Inc. Affordability report, issued April 22, 2008.

James Bay, Victoria  -  Announcing New Listing at 162 Medana Street, a 1,883 sq. ft., 4 bdrm 1 1/2 story. Now $699,900 CAD - Excellant Value.Priced below Assessment! Loads of Charm and Character in this Turn of the Century charmer. Walk to downtown, Ocean Beaches, and Beacon Hill Park Plus Hopping is one block away.  Zoned for B&B, Just apply for your Business licence and you're in Business.

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