FOR IMMEDIATE RELEASE
November 1, 2012

 

 

 

 

 

 

VICTORIA, BC—While prices held steady through most of the Greater Victoria region’s real estate market in October, government lending regulations have had the desired “cooling effect” on year-over-year sales numbers.

 

Total MLS® sales for October 2012 were 373 compared to 483 in October 2011. During the month, 211 single family homes sold throughout the Victoria Real Estate Board’s region, compared to 260 in October 2011. The average price for single family homes was $576,720, down 2% from last October’s average of $590,539. The median price for the same period is down $24,000 (4.5%).  Month-over-month, both sales volume and the six-month average for single family homes are flat. Active listings are 4,876.

 

“Overall sales for Greater Victoria are down 19%,” says Carol Crabb, President of the Victoria Real Estate Board. “Federal measures to slow real estate sales nationally are having a local affect. Our REALTORS® tell me that with the reduced amortization rates, many buyers are having trouble getting financing for the type of home that fits their needs, particularly first-time buyers.”

 

Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the Core Municipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on the Westshore. “I strongly caution against reading too much into the numbers,” she says. “Both activity and prices vary by sub-area. For some the sample size is always small, so a sale of one or two properties can result in a 50% change.”

 

There were 92 condominium sales last month, 37% fewer than during October 2011. Six manufactured homes sold compared to 10 during the previous October. Townhome sales declined 37% and the average price dropped from $428,040 to $387,769, a 9% decrease.

 

Total Waterfront Single Family Dwellings sold:                      15, up 3 from 2011

Total Non-waterfront Single Family Dwellings sold:              196, down 52 sales from September 2011

Single Family Dwellings sold over $1 million:                                    11 (1 over $2 million, 1 over $3 million)

	2012 - October			2012 - September			2011 - October
	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	190	592,097	526,500	190	589,361	518,500	238	595,836	539,750
Single Family Other Areas	21	437,595	425,000	26	639,962	517,202	22	533,235	407,000
Total* Single Family All areas	211	576,720	506,000	216	595,452	517,500	260	590,539	530,000
Condos	92	274,072	255,000	127	320,304	263,450	145	307,329	277,000
Townhomes	35	387,769	382,450	46	391,291	378,500	52	428,040	374,500
Manufactured*Homes	6	-122,417	127,850	11	135,036	148,000	10	152,450	160,000
TOTAL RESIDENTIAL	344			400			461
TOTAL SALES	373			419			483
TOTAL ACTIVE LISTINGS	4,876			5,025			4,687

Number of Sales (Gr. Victoria only) October 2012                            COMPARED TO SEPTEMBER 2012

                                                                                                       
SINGLE FAMILY                                                                     CONDOS                                                          TOWNHOMES
     190                                                          92                                                               32

   0.00%                                                 -27.56%                                                   - 23.81%

Six-Month Average Price (Gr. Victoria only) October 2012              COMPARED TO SEPTEMBER 2012

                                                                                                       

SINGLE FAMILY                                                      CONDOS                                                                           TOWNHOMES

  $596,671                                                 $314,370                                                  $413,451

  - 0.46%                                                     - 2.29%                                                     - 0.82%

Number of Sales (All Areas) September 2012                                            COMPARED TO AUGUST 2012

                                                                                                                     
SINGLE FAMILY                                                     CONDOS                                                                             TOWNHOMES

    211                                                           92                                                               35

  - 2.31%                                                 - 27.56%                                                        - 23.91%

Six-Month Average Price (All Areas) September 2012                             COMPARED TO AUGUST 2012

                                                                                                       

SINGLE FAMILY                                                     CONDOS                                                                            TOWNHOMES

  $591,580                                              $313,989                                                    $408,559

   - 0.94%                                                 - 2.12%                                                       - 1.39%

 

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

 

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 any particular property. Those requiring specific information on property values should contact a REALTOR®.