Friday, 1 March, 2013 4:12:33 PM Pacific Standard Time Page 1 of 3 Subject: SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET Date: Friday, 1 March, 2013 12:45:06 PM Pacific Standard Time From: VREB Messages To: undisclosedrecipients:; SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC–The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in singlefamily homes and condominiums. Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it’s more important to look at monthly trends and compare monthly buying behaviour yearoveryear. “The trend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 24% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the market value range, it will likely sell more quickly.” The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The sixmonth average shows an increase of less than one percent yearoveryear, and a less than one percent decrease over last month. “In other words, no change,” Mann adds. There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% yearoveryear, it increased 13.49% over January 2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% yearoveryear and 10.82% since January 2013. Current active listings at the end of February were 4,072. Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 Total Nonwaterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 Single Family Dwellings sold over $1 million: 11 (3 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®.
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Friday, 1 March, 2013 4:12:33 PM Pacific Standard Time
Page 1 of 3
Subject: SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKETDate: Friday, 1 March, 2013 12:45:06 PM Pacific Standard Time
From: VREB MessagesTo: undisclosed-‐recipients:;
SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC–The Victoria Real Estate Board reports a total of 394 sales were processed through theMultiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activitywas in single-‐family homes and condominiums. Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it’smore important to look at monthly trends and compare monthly buying behaviour year-‐over-‐year. “Thetrend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of amodest 2-‐4% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they areexperiencing definite increases in their activity over the last two months and have a positive outlook. Manybuyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regardingthe value of their homes,” Mann says. “However, if a house is priced properly, within the market valuerange, it will likely sell more quickly.” The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of4.67%. The six-‐month average shows an increase of less than one percent year-‐over-‐year, and a less thanone percent decrease over last month. “In other words, no change,” Mann adds. There were 112 condominium sales in February, a 38.27% increase over January 2013. While the medianprice of $270,500 for condominiums is down 2.08% year-‐over-‐year, it increased 13.49% over January 2013.Townhouses saw increased sales in the past month with a median price of $337,500, which is down by11.65% year-‐over-‐year and 10.82% since January 2013. Current active listings at the end of February were4,072. Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012Total Non-‐waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012Single Family Dwellings sold over $1 million: 11 (3 over $2 million) While the use of average price information can be useful in establishing trends when applied over a periodof time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does notindicate the actual value of a property in a particular neighbourhood. Those requiring specific informationon property values in their area should contact a REALTOR®.
February stats summary on following pages. Maggie Kerr-‐Southin APRManager, Communications, Victoria Real Estate Board Direct Phone: 250.920.4652; Email: [email protected]
February 2013, MLS® Real Estate Sales and Average Prices, Greater Victoria 2013 -‐ February 2013 -‐ January 2012 -‐ February
* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board - www.vreb.org3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652
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Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2010 418 621 789 756 695 625 527 425 395 467 479 3492011 339 488 622 574 572 618 523 542 458 483 482 3392012 372 497 570 586 659 637 523 462 419 373 366 2832013 294 394
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Num
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f Sales
Monthly Sales Comparison (2010‐2013)
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2000
3000
4000
5000
Total Active Listings / Number of Sales
Active Listings Number of Sales
Single Family Detached
Price RangeNorth Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold
$0-$500K 3 0 5 2 18 2
$500K-$800K 45 7 29 4 9 1
$800K-$1M 9 1 6 0 1 0
$1M-$2M 28 1 11 0 2 1
$2M+ 9 0 7 0 1 0
SFD Waterfront
Price RangeSaanich PeninsulaListed Sold
$0-$1M 8 0
$1M-$2M 17 1
$2M+ 11 0
Condos & Townhomes
Price RangeSaanich PeninsulaListed Sold
$0-$400K 81 17
$400K-$800K 54 3
$800K-$1M 3 2
$1M+ 3 0
Manufactured Homes
Price RangeSaanich PeninsulaListed Sold
$0-$150K 6 1
$150K-$300K 12 1
$300K+ 0 0
Lots & Vacant Land
Price RangeSaanich PeninsulaListed Sold
$0-$300K 5 0
$300K-$400K 19 0
$400K-$500K 3 0
$500K+ 10 0
“Listed” refers to the number of listings presently on the market at the end of the month indicated.“Sold” refers to any properties with unconditional offers in the month indicated.
February 2013Sales Performance
DFH Sidney6.5
20.00%
Gordon Hulme1
3.08%
Royal LePage By the Sea4
12.31%
Saanich Peninsula Realty0
0.00%
Sparling Real Estate1
3.08%
Holmes Realty10
30.77%
Re/Max Peninsula10
30.77%
Percentage of Sales by No. of SalesPeninsula Offices ‐ February 2013