MyVictoria Report

Spring Market Stalls in April

Some areas of the market, particularly new sales in the Western Communities were strong in April.  But the core areas saw reasonable activity in single family homes and extremely weak sales in the resale condo market. Inventory continues to increase while interest rates remain historically low. That should mean brisk sales!  In recent years the Victoria market has shown its ability to do surprising and unexpected things.  It's spring and it should be busier. One thing that has been consistent about our market is that in never stays slow or down for very long.

This is what is classically called a balanced market.  Buyers have choice and time and Sellers have to have patience. But our market is like our weather, sunny one minute, raining the next. balance market on minute, Buyers' or Sellers' market the next.  I'm betting on a swing towards the Sellers side.

If you thinking of selling it is never too early to start de-cluttering and sprucing up the curb appeal of your home. If you are not planning to take it with your, why not get rid of it before we go to market.

 I came across a very interesting article on Curb Appeal by Diana Zinck, The Stage Coach.

Curb Appeal - How this affects your ROI

It's not just the inside that counts, you want buyers to instantly fall in love with the outside of your house too, so once you've de-cluttered the kids rooms, taken down personal photos, cleaned the garage and basement, here's what you might consider about the outside of your home. 

1. Take a good look around and UP.
   If your roof needs to be replaced this is a good investment prior to selling to get a higher price for your home - most times you can transfer the roof's warranty to the new homeowner. A home needing a new roof can be a deal breaker for buyers.

To read the complete article click here.

Please do not hesitate to call if I may assist you in any way with your real estate needs.

Philip Illingworth

     Victoria Real Estate Board

FLAT MARKET IN APRIL 2012

May 1, 2012
 

VICTORIA, BC - Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says the President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume."

The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.

"Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," the president says.

Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.

Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.

Total waterfront Single Family Dwellings sold: 13, down 1 sale over April 2011
Total non-waterfront Single Family Dwellings sold: 316, down 9 sales over April 2011
Single Family Dwellings sold over $1 million: 18 (3 over $2 million)

Summary Report and Graphs

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

When Interpreting Our Statistics

To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any.  Average Price is the total dollar volume of sales for the month divided by the number of sales in the month.  Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months.  Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.

The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.

   Canada Mortgage and Housing Corporation