SAVILLE & ASSOCIATES
Drew Saville Victoria, BC
Phone: 250-588-7604 Mobile: 250-588-7604

 


Real Estate Inventory Low in Greater Victoria


December 1, 2015, Victoria BC – The Victoria Real Estate Board President confirms that November was another busy month for the popular Victoria real estate market. "Holding true to the theme we've seen throughout the year, the Victoria market had another great month of sales, with numbers exceeding those from the same time last year."

A total of 573 properties sold in the Victoria Real Estate Board region this November, an increase of 23.2% compared to the 465 properties sold in the same month last year.

There were 2,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November, 18.7% fewer than the 3,631 active listings at the end of November 2014.

The President notes that prospective sellers may want to take advantage of the current market conditions. "One thing I can say about the market right now is that due to lower inventory levels, this is the best time in the past ten years to list a house. Demand from buyers in most areas is up, but inventory continues to decrease on a year over year basis. The good news for buyers is that pricing remains competitive and there are new listings coming onto the market every day."

What does the President recommend buyers and sellers keep in mind as the year comes to a close? "There are real estate microclimates in Victoria. Different areas have different levels of demand and ability to meet that demand. Though properties are selling everywhere, what to expect in terms of value and time to sell may differ depending on your area and the type of property. Now more than ever it's important to work with a REALTOR® to understand the market and track the activity."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in November was $558,600. The benchmark value for the same home in November 2015 has increased by 9% to $608,600.


Healthy Housing Market Continues in September


NANAIMO, BC – Sales in the VIREB area edged back slightly in September, but the housing market remains robust, a trend expected to continue for the rest of the year.

Last month, 431 single-family homes sold on the Multiple Listing Service® (MLS®) compared to 405 in September 2014, an increase of six per cent. Month over month, sales decreased by 1.8 per cent from August 2015. Inventory levels are still declining, with active listings down 15 per cent from one year ago.

BCREA Chief Economist Cameron Muir states that the marginal decrease in September sales activity has not affected the overall strength of the housing market.

“Our provincial economy continues to be healthy, bolstered by a hefty infusion of tourism dollars over the summer,” says Muir. “Last month’s slight backwards tick in housing activity is no cause for concern. We expect strong sales momentum for the rest of the year, fueled by job growth, consumer confidence, and low interest rates.”

Nationally, the Canadian economy appears to have emerged from the doldrums caused by the malaise in the oil patch, says Muir, which bodes well for the B.C. housing market.

“Although we expect a slight downturn in the housing market in 2016, activity will remain strong,” says Muir. “You don’t typically see home sales reach their highest levels in 10 years and then plateau.”

Muir emphasized that the services of a REALTOR® are especially valuable in an active housing market to ensure consumers make smart decisions when buying or selling a home.

In September 2015, the benchmark price for a single-family home in the VIREB coverage area was $340,200, a slight increase over August and up just under six per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area.

The September 2015 benchmark price of a single-family home in the Campbell River area was $276,100, an increase of 1.41 per cent from last year. In the Comox Valley, the benchmark price was $340,600, up 6.23 per cent from 2014. Duncan reported a benchmark price of $303,300, an increase of 7.85 per cent over the same month in 2014. Nanaimo’s benchmark price rose 5.75 per cent to $358,100 while the Parksville-Qualicum area saw its benchmark price rise by 4.21 per cent to $377,200. The price for a benchmark home in Port Alberni was $190,600, an increase of 1.81 per cent since September 2014.


Sales in Victoria Up 24.6% for September


The Victoria Real Estate Board today released its report on real estate activity for September 2015. A total of 704 properties sold in the Victoria Real Estate Board region this September, an increase of 24.6% compared to the 565 properties sold in the same month last year.

There were 3,478 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September, 18.2% fewer than the 4,253 active listings in September 2014.

"We certainly have less inventory in the market than we saw at this time last year," Victoria Real Estate Board President says. "Though higher sales have contributed to a reduction in the available inventory, with almost 1,000 new listings entering the market in September, there is still a continual supply of new inventory for those folks who hope to make a move."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in September was $558,600. The benchmark value for the same home in September 2015 has increased by 8.7% to $607,100.

"While September often signals the re-start of the market after the traditional summer slowdown in sales activity, our market remained strong right through the summer and September," notes the President. "This September is different than past years. Our busiest month last year was in May, and 714 properties sold. That's only 10 more transactions than we saw in September this year. The question now is - will we see the normal winter lull in sales and listings or will the market continue at this pace?


Summer Sales Finish Strong


August 4, 2015, Victoria BC – The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for July 2015. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.

“We’ve certainly seen the busy spring market continue into the summer months,” the Victoria Real Estate Board President says. “The theme of declining listings and increased sales volume is consistent through July, and we're seeing the market go through its typical summer cycle. Sales dropped a little from the spring as we would expect, but are still up a very healthy 16.9% over last year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $564,300. The benchmark value for the same home this month has increased by 6.3% to $599,800.

There were 3,942 active listings for sale on the Multiple Listing Service® at the end of July, 13.7% fewer than the 4,570 active listings in July 2014.

“Consumer confidence remains very strong and shows no sign of falling off in the coming months. Interest rates continue to be very favourable; many buyers are taking advantage and making a move,” adds the President.


Summer Sales Continue to Soar in Victoria


August 4, 2015, Victoria BC – The Victoria Real Estate Board today released its report on

Multiple Listing Service® real estate activity in the Victoria area for July 2015. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.

“We’ve certainly seen the busy spring market continue into the summer months,” Victoria Real Estate Board President says. “The theme of declining listings and increased sales volume is consistent through July, and we're seeing the market go through its typical summer cycle. Sales dropped a little from the spring as we would expect, but are still up a very healthy 16.9% over last year.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $564,300. The benchmark value for the same home this month has increased by 6.3% to $599,800.

There were 3,942 active listings for sale on the Multiple Listing Service® at the end of July, 13.7% fewer than the 4,570 active listings in July 2014.


VIREB Housing Market Cools Slightly in July But Remains Strong


NANAIMO, BC – VIREB’s robust spring and summer housing market cooled slightly in July but was still significantly stronger than one year ago.

Last month, 515 single-family homes sold on the MLS® system compared to 636 in June 2015, a decrease of 19 per cent. However, year-over-year sales rose by 13 per cent from July 2014. Inventory levels continue to decline, with active listings down 14 per cent since last July.

BCREA Chief Economist Cameron Muir states that although experts are predicting a “technical recession” for Canada, B.C.’s economy continues to lead the country and shows no signs of slowing down. The province’s gross domestic product (GDP) is holding at between 2.0 and 2.3 per cent.

“Low interest rates and high consumer confidence continue to drive housing sales throughout the province,” says Muir. “Waning inventory is also accelerating prices in many markets.”

Muir emphasized that the services of a REALTOR® are especially valuable in an active housing market to ensure consumers make smart decisions when buying or selling a home.

“When you have a finite supply of homes and high demand, a local REALTOR® offers unique insight and knowledge to ensure you’re paying the right price when buying and pricing your home appropriately when selling,” states Muir.


Victoria Real Estate Market Remains Constant


June 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.

“May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties,” the Victoria Real Estate Board President says. “Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.

There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May,13.5% fewer than the 4,672 active listings in May 2014.

“We’ve not seen this many sales in May since 2007 when we saw 963 properties sell in the month,” adds the President. “Despite the demand, prices remain competitive and there is great variety in what is available.


Victoria Real Estate Market Strong & Steady


June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for May 2015. A total of 905 properties sold in the Victoria Real Estate Board region this May, a 26.8% increase compared to the 714 properties sold in the same month last year.

"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. The benchmark value for the same home this month has increased by 3.98% to $593,200.

There were 4,043 active listings for sale on the Multiple Listing Service® at the end of May, 13.5% fewer than the 4,672 active listings in May 2014.


Vancouver Island Real Estate Board Sales Indicate a Strong Spring Market


 

NANAIMO, BC – Sales in the VIREB area rose once again in May, contributing to the strongest spring the board has witnessed since 2007.

In May 2015, 527 single-family homes sold compared to 450 in April 2015, with year-over-year sales up by nine per cent. Inventory levels have steadily declined over the last 12 months, with active listings down 10 per cent from May 2014.  Home Sales in the Cowichan Valley were down slightly, however the average sale price rose 12% from $344,226 to $385,363.

BCREA Chief Economist Cameron Muir states that after several years of sub-par housing performance, 2015 is shaping up to be a robust year in terms of unit sales. Interest rates continue to support housing demand while lower oil prices hurting other parts of the country have left British Columbia relatively unscathed.

The VIREB President confirms that the continued slow-but-steady gains from 2007 point to a housing market that has substantially recovered. Although the summer months are traditionally quieter, activity in our area shows no signs of slowing down.

“Despite healthy sales throughout our area, we’ve been in balanced market conditions for some time now,” the President says. “However, continually decreasing inventory levels and steady price increases could start to push us into seller’s territory.”


Victoria Real Estate Activity Exceeds Expectations


May 1, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for April 2015. A total of 840 properties sold in the Victoria region this April, a 26.5% increase compared to the 664 properties sold in the same month last year.

“We’ve seen modest sales increases in the area for the past two years, which we’ve attributed to a growing consumer confidence in the market,” Victoria Real Estate Board President says. “The past three months have been exceptional, and I think have surprised most people watching the market; I certainly haven’t seen forecasts even close to the numbers we see today. It’s possible that consumers who were hesitant to make a move or purchase their first house during the recent economic downturn may have waited to see conditions like we see now – the favourable interest rates, good selection of prices and properties, and increased confidence in the local economy.”

There were 3,945 active listings for sale on the Multiple Listing Service® at the end of April, 10.4% fewer than the 4,404 active listings in April 2014. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $562,000. The benchmark value for the same home this month has increased by 3.5% to $581,700.

“The last time we saw this many transactions in an April was in 2007 when we saw 898 sales,” the President adds. “The market is good, but prices aren’t crazy - despite the activity levels, values in our local market are still recovering from the peaks we saw in 2008 and 2010. Depending on the area, single family property values are as much as nine percent below the 2010 values. It is a great time to buy or sell property in our area.”


Healthy April Housing Market Boosts Spring Sales Activity


NANAIMO, BC – Sales in the VIREB coverage area rose once again in April, reflecting a buoyant spring housing market. A total of 450 single-family homes sold last month compared to 420 in March 2015, with year-over-year sales up 25 per cent. Homes sales in the Cowichan Valley were up 14% with 58 sales in April 2015 versus 51 in 2014.

Inventory levels continue to decline, with active listings down 12 per cent from April 2014.  BCREA Chief Economist Cameron Muir stated that housing sales are up throughout British Columbia, most notably in the southern half of the province.  “We’re seeing above-average sales throughout British Columbia for the first time in many years,” said Muir. “Home buyers are taking advantage of low interest rates and returning to the housing market, which is excellent news for the provincial economy.”

The VIREB President noted that lower inventory levels on Vancouver Island are translating into reduced options for buyers in some markets. Although active listings have not dropped enough to raise prices significantly, supply and demand are shifting, which could begin to place upward pressure on house prices. Vancouver Island is also seeing an influx of buyers from outside British Columbia, attracted by our housing affordability, available amenities, and mild climate.

“The Vancouver Island market continues to be very affordably priced for buyers in comparison to some of the larger urban markets across the country,” said the VIREB President. “In terms of overall value for your dollar, our market is very attractive and it’s an excellent time to buy or sell a home.”


Another Busy Month for Victoria Sales


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® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.

The Multiple Listing Service® 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," the VREB President adds. "Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates."


Strong Spring Sales in the Cowichan Valley


Sales in the Cowichan Valley soared in March 2015 with 76 sales versus 46 in February 2015 and 51 in March 2014.  The average sale price rose from $327,680 (March 2014) to $350,449 a 7% increase.


Spring Sales Start Early in Victoria BC Real Estate Market


March 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for February 2015.

542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412 properties sold in the same month last year and a 54.4% increase compared to the 351 properties sold last month in January.

"The trees bloomed early in Victoria, and so did local real estate. February was a busy month with numbers closer to what we would expect to see in the spring season." Victoria Real Estate Board President says. "285 single family homes sold over the course of the month. We've not seen that many single family homes sell in a February since 2008 when we tracked 295 transactions. Though buyers are already in spring purchase mode, the amount of available inventory may not be quite up to the pace. We continue to track the trend of higher year-over-year sales, and lower year-over-year active listings that we started to see in mid-2013."

There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $549,700. The benchmark value for the same home this month has increased by 1.33% to $557,000.

"The Board certainly anticipated an increase in sales for spring, but the increase we've seen exceeded my expectations," the President adds. "The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter."


Victoria in Top 5 for Canadian Real Estate Market Investment


On February 3, Scott McGillivray from HGTV appeared on the MARILYN (Denis) show on CTV.  During his appearance he shared his top 5 picks for real estate investment in Canada.  Victoria was #1.  Hear why at

http://www.marilyn.ca/AtHome/segments/Daily/February2015/2_2_2015/HouseShopCanada

 


Victoria Real Estate Market Continues Upward Trend


February 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for January 2015.

351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year.

“We don’t expect to see big numbers in January. It’s a slower month traditionally for real estate,” Victoria Real Estate Board President says. “Even this slight increase after the 11.67% year over year increase in sales we saw in 2014 shows the continued stability of our market. There’s also a good balance of inventory available for sale, which will likely appeal to buyers as the spring season hits. Last month while we saw 10 single family homes sold for over a million dollars, there were also 95 homes sold for under $500,000.”

At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013 where there are fewer listings in the market than there were in the same month of the year previous.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600.


Housing Prices Continue to Rise in the Cowichan Valley


Sales in the Cowichan Valley in January are down slightly with 34 homes sold, vs. 35 in January 2014.  The average home price however, continues to inch upward with an 8% increase this month.

BCREA’s chief economist, Cameron Muir, states that “Although sales in January are down across the province, the recent reduction in interest rates could have a positive impact on the housing market,” said Muir. “As well, affordability in most communities remains strong. Job losses from falling oil prices aside, the economic outlook is encouraging.”

Overall, the housing market in the VIREB area remains in balanced territory, a trend that is not expected to change in the near future. However, since individual markets can vary considerably, it is always best to consult a local REALTOR® for accurate information.


Sales in the Cowichan Valley up 22% in 2014


Sales activity across Vancouver Island finished on a high note in December, capping off a year that saw consistent monthly gains. Yearly sales were somewhat stronger than anticipated at the outset of 2014, reflecting the renewed consumer confidence observed in the retail sector. Overall, the housing market remains balanced, which continues to be good news for buyers and sellers.

42 properties were sold in the Cowichan Valley in December 2014, up 27% from December 2013. 

The Cowichan Valley saw the largest growth on the island in 2014.  728 homes were sold in 2014 vs. 598 in 2013 – a remarkable 22% increase.  The average sale price rose from $326,637 to $339,163 up 4% year-over-year.

BCREA’s chief economist, Cameron Muir, is optimistic heading into 2015, commenting that consumer demand is up, with five per cent retail growth year over year. Housing prices continue to reflect that confidence, as well as an inflation rate of approximately two per cent.

“The spirit of renewed consumer confidence, combined with lower housing inventory levels, is placing upward pressure on house prices,” says Muir. “We anticipate that we’ll continue to see slow and steady growth throughout 2015.”


Overall Home Sales in Victoria up 11.67% in 2014


January 2, 2015, Victoria BC - The Victoria Real Estate Board released its report on real estate activity in the Victoria area for December 2014.

389 properties sold in the Victoria region this December, an increase of 9.6% when compared to the 355 properties sold in December last year. Overall, 2014 saw 11.67% more sales than in 2013.

"I think the increase in sales we saw in 2014 surpassed a lot of people’s expectations. To see growth of over 10% - that shows consumer confidence and interest in our market," Victoria Real Estate Board President says. "Of course one factor that helped sell houses this year was the low mortgage rate. That, combined with balanced market conditions, created a steady, consumer-friendly environment in which to purchase and sell properties."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $542,800. This month the benchmark value rose 2.9% to $558,500. Over the course of 2014, 6.2% of single family homes (238) sold for over one million dollars.

"There are two indicators to track in the New Year - the number of sales, and the amount of inventory currently available on the market. In 2014 we saw less inventory available than in previous years but more sales. With job growth predicted and consumer confidence increasing in our area, it will be interesting to watch these numbers as 2015 sales unfold."


Steady Real Estate Market in Victoria Continues


December 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for November 2014.

465 properties sold in the Victoria region this November, an increase of 12.9% when compared to the 412 properties sold in November last year.

"This year has been great for Victoria real estate, we've seen a friendly market for buyers and sellers thanks to steady pricing and low mortgage rates," Victoria Real Estate Board President says. "By early last month sales in the Victoria area met the number of total sales we saw for the entire year of 2013, and now we are 5.18% over last year's sales with another month to go before year end."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $482,300. This month the benchmark value increased 1.4% to $489,000.

"Another statistic to watch is the number of active and new listings," adds the President. "682 properties were listed this November, and the total number of properties listed for sale including those newly listed was 3,631. That's 9.6% fewer properties for sale than November last year."


Slow & Steady Growth in the Cowichan Valley


December 1 – The Vancouver Island Real Estate Board (VIREB) reports that slow and steady growth in the housing market continued throughout Vancouver Island.

A total of 299 single-family homes sold on the MLS® system in November 2014. This represents a 5% increase from this time last year. Inventory levels are down around 7% compared to November 2013.

53 properties were sold in the Cowichan Valley, up 4% from November 2013.  The average sale price increased from $305,932 to $312,502.  Inventory still remains low.

VIREB President says, “2014 is shaping up to be the best year we’ve had for some time, and 2015 is looking even better.”

“Although overall economic growth in 2015 likely won’t accelerate to 2006 levels, we’re certainly expecting housing sales to continue ratcheting upwards to a higher plateau.” 

 


Strong Victoria Real Estate Market Again in October


November 3, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for October 2014.

602 properties sold in the Victoria region this October, an increase of 17.6% when compared to the 512 properties sold in the same month last year.

"Here we are again, a month in 2014 ending with more sales than in 2013," Victoria Real Estate Board President says. "This year has been a solid year for local real estate - indeed we are only 154 transactions away from meeting the total number of sales from 2013 - and there are two more months left in the year!"

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $547,800. This month the benchmark value increased to $553,900.

"All year we've seen a decrease in the number of active listings and increase in sales compared to 2013 numbers," adds the President. "Last year at the end of October we saw 4,322 active listings, and this year we see 3,927 active listings, that's a 9.1% change."


Steady Growth & Lower Inventory Placing Upward Pressure on Housing Prices


Sales activity throughout the VIREB coverage area in October 2014 was down slightly from September, but still significantly higher than October of last year, resulting in our strongest October since 2009.

Although the higher sales posted this October are encouraging, sales last fall were weak by comparison. As a result, balanced market conditions continue, which is good news for both buyers and sellers.

VIREB President is encouraged by the numbers and reports that REALTORS® in the VIREB coverage area are consistently busy. “October sales indicate that our market remains balanced,” says the President. “

But as the year draws to a close, we’re seeing lower inventory levels and housing sales sitting at 15% higher than this time last year, which is beginning to place upward pressure on the market.”

On November 3, the Vancouver Island Real Estate Board (VIREB) reported 59 properties sold in the Cowichan Valley in October 2014, up slightly from October 2013 where 53 properties sold.  The average sale price continues to increase, up 10% year-over-year for the month of October.


Healthy Sales Activity Expected Throughout the Fall in the Cowichan Valley


On October 3, the Vancouver Island Real Estate Board (VIREB) reported 76 properties sold in the Cowichan Valley in September 2014, up significantly from September 2013 where only 40 properties sold.  The average sale price continues to increase, up 26% year-over-year for the month of September.

The VIREB press release shares that BCREA’s chief economist, Cameron Muir, reports that the VIREB coverage area saw its strongest summer since 2009 and expects that upward trajectory to continue. Muir doesn’t expect interest rates to rise any time soon, noting that they continue to echo the reality of Canada’s overall housing demand.

Healthy sales activity is expected to continue throughout the Fall.  In strong sales markets, consulting a REALTOR® is vital to ensure that you have up to date information on house prices for your specific location.


Strong Sales and Stable Market Conditions Continue Through September


October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.

565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.

"Once again we see more houses sold this month than last September," Victoria Real Estate Board President says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.

"There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds the President. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood."

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®.


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."


Balanced Market Continues in the Cowichan Valley


On September 2, the Vancouver Island Real Estate Board (VIREB) reported 64 properties sold in the Cowichan Valley in August 2014, down slightly from 68 in August 2013.  Sale prices however, continued to increase by 3% year-over-year.  These statistics indicate that a balanced market continues in the Valley; offering benefits to both buyers and sellers.


VREB Reports Surprising Summer Sales


On August 1, the Victoria Real Estate Board (VREB) reported a surprising increase in sales in the Victoria area.  681 properties sold in July 2014 vs. 583 properties in July 2013.  This increase of 17% is uncharacteristic for a typically slower summer season.  Year-over-year however, single family home sales in Victoria remain steady with a 2% increase indicating a balanced market.  A balanced market is one which favours neither the buyer nor the seller.  While some areas or neighbourhoods may be experiencing a down turn, other neighbourhoods are up!  Overall the market averages out to a balanced line.  If you’re curious how your home and neighbourhood is fairing in today’s market, feel free to request a personal evaluation.


Cowichan Valley Sales Heating Up


On August 1, the Vancouver Island Real Estate Board (VIREB) reported a significant increase in sales in the Cowichan Valley.  92 properties sold in July 2014 vs. 66 properties in July 2013.  This increase of 39% is well above the sales reported for other zones on Vancouver Island.  The increase in number of properties sold is also complemented with an increase in the sales price of single family homes.  Year-over-year the Cowichan Valley has shown a 3% increase in the value of homes sold.  These are remarkable statistics given that home inventory is down.  Overall the market is still balanced.  A balanced market is one which favours neither the buyer nor the seller.  We will be paying close attention however to the Cowichan Valley market in the coming months.  I predict that there may be further increases to come.


Preparing your Home for a Quick Sale


In a balanced market homes typically sell within 90-120 days.  Want your home to sell faster? Once you’ve decided to work with a REALTOR to list your home, there are a number of things that you can do to prepare your home for a quick sale.  Over time our homes become familiar and it’s easy to overlook or dismiss deficiencies as “character”.  When someone sees your home for the first time, they have a completely different view of the space.  Look at your home from a critical view point and see if it looks different to you.  Consider the following to make your home stand out amongst the rest:

  1. Depersonalize.  Packing away personal photos and other items allow buyers to visualize their own belongings in your home. 
  2. Declutter.  Ridding the home of things that you don’t use on a daily basis like knickknacks, books and other items makes your home more inviting.
  3. Minimize.  Clearing out unnecessary furniture creates more visual space in your home and makes rooms appear larger.
  4. Fix.  Making minor repairs around the home, such as nail holes in the walls, chipped paint or a leaky tap will be one less distraction for today’s busy buyer.
  5. Clean. Clean. Clean.  Ensuring that your house is spotless for showings and open houses is paramount. A house that sparkles will be remembered.
  6. Curb Appeal.  Gardening, painting your door, power washing, installing a new mailbox or house numbers are all great ideas to improve the look of your home.  There’s only one chance to make a first impression.

 

If you’d like to learn about specific improvements to make your home sell faster, call me for a free consultation and home visit.