News Release from Victoria Real Estate board

FOR IMMEDIATE RELEASE
February 1, 2013                                                                                                                              

SALES DOWN BUT PRICES HOLD IN GREATER VICTORIA REAL ESTATE MARKET

VICTORIA, BC–A slow start to the year in Victoria’s real estate market is evidence that buyers are continuing to wait for prices to drop. Although January 2013 sales are 27% lower than January 2012, the six-month average price for a Greater Victoria home is only down 1% for the same period.

“We are realistic and sales are not what we would like to see,” says Shelley Mann, President of Victoria Real Estate Board. “But there are many stories within the market. This week, three houses sold in Sidney that were all newly listed and they sold for over asking price.”

Mann adds that she’s spoken to several local REALTORS® who have clients who want to buy, but they are looking for good houses with quality amenities. “One Member told me that he has several potential buyers, but they can’t find anything they like.”

In January, 294 houses sold, compared to 372 in January 2012. The median price of a single family home is $482,500 compared to $522,000, a decline of 7.6.%. The six-month average shows a 1.4% decline, year-over-year, but less than one percent over last month.

“My basic message is that sales are down, prices are flat and our provincial economist is predicting 2013 will be a transition year,” Mann says. “He believes the economic fundamentals are strong, and as a result the sales volume will increase 4% this year over 2012, but prices will remain flat.”

Current active listings are 3,870. There were 81 condominium sales in January, a 24.6% increase over December 2012, while the median price of $238,350 is down 12.1% year-over-year. Townhouses saw increased sales in the past month and a median price of $382,000, up 4.7% year-over-year.

Total Waterfront Single Family Dwellings sold:                    9, up 5 over January 2012

Total Non-waterfront Single Family Dwellings sold:          144, down 43 sales from January 2012

Single Family Dwellings sold over $1 million:                         3 (1 over $2 million)

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

– 30 –

January stats summary below.

Maggie Kerr-Southin APR
Manager, Communications, Victoria Real Estate Board

January 2013, MLS® Real Estate Sales and Average Prices, Greater Victoria

 

 

2013 – January

2012 – December

2012 – January

No of Sales

Average
Price $

Median
Price $

No of Sales

Average
Price $

Median
Price $

No of Sales

Average Price $

Median Price $

Single Family Gr. Victoria

138

530,517

489,000

145

601,373

515,250

174

581,519

525,000

Single FamilyOther Areas

15

571,660

425,000

11

606,545

557,466

17

421,406

376,000

Total* Single Family All areas

153

534,557

482,500

156

601,737

512,000

191

567,268

522,000

Condos

81

264,739

238,350

65

301,683

259,000

112

306,546

271,250

Townhomes

40

394,689

382,000

30

396,250

374,000

41

396,911

365,000

Manufactured Homes

10

81,290

71,750

7

800*

108,000

8

103,375

105,000

TOTAL RESIDENTIAL

284

 

 

258

 

 

352

 

 

TOTAL SALES

294

 

 

283

 

 

372

 

 

ACTIVE LISTINGS

3,870

 

 

3,896

 

 

3,715

 

 

 

January 2013, MLS® Real Estate Sales and Six-Month Average Prices over December 2012

 

* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board – www. vreb. org
3035 Nanaimo Street, Victoria BC V8T 4W2

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