January 2012 Shows Increased Activity in Victoria Real Estate Market
February 1, 2012
VICTORIA, BC-While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%.
"These numbers definitely match what we have been hearing from our Members," says Carol Crabb, President of the Victoria Real Estate Board. "Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®.
"Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own neighbourhood communities."
The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.
"That said, buyers seem to be tired of all the doom and gloom stories about the global economy," Crabb adds. "Interest rates are good and they are keeping our Members busy with showings."
Total non-waterfront Single Family Dwellings sold: 187, up 9.4% over January 2011
Total waterfront Single Family Dwellings sold: 4, down 43% over January 2011
Single Family Dwellings sold over $1 million: 9 (none 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.
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For More Information
Maggie Kerr-Southin
Manager, Communications
Phone: +1 (250) 385-7766
Fax: +1 (250) 385-8773
E-Mail: Maggie Kerr-Southin
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