Monday, 5 November, 2012 9:26:11 AM Pacific Standard Time Page 1 of 3 Subject: MINOR CORRECTION: In table with arrows FEDERAL MEASURES MAKE IMPACT ON VICTORIA REAL ESTATE MARKET Date: Thursday, 1 November, 2012 4:11:57 PM Pacific Daylight Time From: VREB Messages To: undisclosedrecipients:; Priority: High FOR IMMEDIATE RELEASE November 1, 2012 FEDERAL MEASURES MAKE IMPACT ON VICTORIA REAL ESTATE MARKET 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 overyear 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%). Monthover month, both sales volume and the sixmonth 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 firsttime 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 subarea. 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 Nonwaterfront 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)
Detailed update on the local market with a specific breakdown for the Saanich Peninsula.
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Monday, 5 November, 2012 9:26:11 AM Pacific Standard Time
Page 1 of 3
Subject: MINOR CORRECTION: In table with arrows -‐ FEDERAL MEASURES MAKE IMPACT ON VICTORIA REALESTATE MARKET
Date: Thursday, 1 November, 2012 4:11:57 PM Pacific Daylight Time
From: VREB MessagesTo: undisclosed-‐recipients:;
Priority: High
FOR IMMEDIATE RELEASENovember 1, 2012 FEDERAL MEASURES MAKE IMPACT ON VICTORIA REAL ESTATE MARKET VICTORIA, BC—While prices held steady through most of the Greater Victoria region’s real estatemarket 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 inOctober 2011. The average price for single family homes was $576,720, down 2% from last October’saverage 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 listingsare 4,876. “Overall sales for Greater Victoria are down 19%,” says Carol Crabb, President of the Victoria RealEstate Board. “Federal measures to slow real estate sales nationally are having a local affect. OurREALTORS® tell me that with the reduced amortization rates, many buyers are having trouble gettingfinancing 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 CoreMunicipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on theWestshore. “I strongly caution against reading too much into the numbers,” she says. “Both activityand prices vary by sub-‐area. For some the sample size is always small, so a sale of one or twoproperties can result in a 50% change.” There were 92 condominium sales last month, 37% fewer than during October 2011. Sixmanufactured homes sold compared to 10 during the previous October. Townhome sales declined37% and the average price dropped from $428,040 to $387,769, a 9% decrease. Total Waterfront Single Family Dwellings sold: 15, up 3 from 2011Total Non-‐waterfront Single Family Dwellings sold: 196, down 52 sales from September 2011Single Family Dwellings sold over $1 million: 11 (1 over $2 million, 1 over $3million)
Page 2 of 3
STATS QUICK REFERENCEOctober 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria 2012 -‐ October 2012 -‐ September 2011 -‐ October
* Negative result reflects a collapsed sale of $1,545,000 reported as complete in Sept. 2012. October 2012, MLS® Real Estate Sales and Six-‐Month Average Prices over September 2012Number 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) October 2012 COMPARED TO SEPTEMBER 2012
Page 3 of 3
SINGLE FAMILY CONDOS TOWNHOMES 211 92 35 -‐ 2.31% -‐ 27.56% -‐ 23.91%Six-‐Month Average Price (All Areas) October 2012 COMPARED TO SEPTEMBER 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. sixmonths or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of anyparticular property. Those requiring specific information on property values should contact a REALTOR®.
-‐ 30 –
For information:Maggie Kerr-‐Southin APRManager, Communications Victoria Real Estate Board Direct Phone: 250.920.4652; Cell: 250.516.5596Email: [email protected]
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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3Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Single Family - Residential
Units Listed 438
Units Sold 174
Sell/List Ratio 40
Sales Dollars $97,221,919
Average Price / Unit $558,747
Price Ratio 96
Days To Sell 60
Active Listings at Month End 1535
%
%
401
219
55
$122,514,709
$559,428
97
63
1437
%
%
9
-21
-21
0
-6
7
%
%
%
%
%
%
5422
2369
44
$1,339,532,027
$565,442
97
59
%
%
5475
2414
44
$1,398,522,392
$579,338
97
54
%
%
-1
-2
-4
-2
9
%
%
%
%
%
Single Family - Residential Waterfront
Units Listed 50
Units Sold 15
Sell/List Ratio 30
Sales Dollars $12,481,500
Average Price / Unit $832,100
Price Ratio 96
Days To Sell 100
Active Listings at Month End 301
%
%
35
12
34
$11,223,900
$935,325
93
117
283
%
%
43
25
11
-11
-14
6
%
%
%
%
%
%
518
126
24
$133,208,526
$1,057,211
94
109
%
%
517
147
28
$160,041,831
$1,088,720
93
113
%
%
0
-14
-17
-3
-4
%
%
%
%
%
Single Family - Residential Acreage
Units Listed 50
Units Sold 17
Sell/List Ratio 34
Sales Dollars $10,133,000
Average Price / Unit $596,059
Price Ratio 95
Days To Sell 121
Active Listings at Month End 362
%
%
47
21
45
$16,433,900
$782,567
95
95
325
%
%
6
-19
-38
-24
27
11
%
%
%
%
%
%
740
208
28
$151,807,880
$729,846
95
107
%
%
734
223
30
$152,880,518
$685,563
96
92
%
%
1
-7
-1
6
17
%
%
%
%
%
Condominium
Units Listed 285
Units Sold 92
Sell/List Ratio 32
Sales Dollars $25,214,602
Average Price / Unit $274,072
Price Ratio 96
Days To Sell 77
Active Listings at Month End 1081
%
%
285
145
51
$44,562,775
$307,329
97
75
1066
%
%
0
-37
-43
-11
2
1
%
%
%
%
%
%
3309
1375
42
$435,847,000
$316,980
97
69
%
%
3422
1397
41
$456,542,994
$326,802
96
61
%
%
-3
-2
-5
-3
12
%
%
%
%
%
1Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Townhouse
Units Listed 95
Units Sold 34
Sell/List Ratio 36
Sales Dollars $12,810,201
Average Price / Unit $376,771
Price Ratio 97
Days To Sell 98
Active Listings at Month End 423
%
%
155
46
30
$19,689,850
$428,040
97
83
434
%
%
-39
-26
-35
-12
18
-3
%
%
%
%
%
%
1179
541
46
$220,845,404
$408,217
98
75
%
%
1402
551
39
$242,710,283
$440,491
98
63
%
%
-16
-2
-9
-7
19
%
%
%
%
%
Strata Duplex (Up and Down)
Units Listed 1
Units Sold 1
Sell/List Ratio 100
Sales Dollars $350,000
Average Price / Unit $350,000
Price Ratio 97
Days To Sell 33
Active Listings at Month End 7
%
%
0
1
$382,500
$382,500
97
127
2
%
%
0
-8
-8
-74
250
%
%
%
%
%
%
15
3
20
$920,000
$306,667
95
53
%
%
9
5
56
$2,190,500
$438,100
99
55
%
%
67
-40
-58
-30
-4
%
%
%
%
%
Strata Duplex (Side by Side)
Units Listed 8
Units Sold 4
Sell/List Ratio 50
Sales Dollars $1,979,212
Average Price / Unit $494,803
Price Ratio 94
Days To Sell 78
Active Listings at Month End 28
%
%
13
4
31
$1,472,600
$368,150
99
89
41
%
%
-38
0
34
34
-12
-32
%
%
%
%
%
%
132
65
49
$27,235,512
$419,008
97
57
%
%
152
70
46
$29,120,999
$416,014
97
64
%
%
-13
-7
-6
1
-11
%
%
%
%
%
Strata Duplex (Front and Back)
Units Listed 2
Units Sold 1
Sell/List Ratio 50
Sales Dollars $284,000
Average Price / Unit $284,000
Price Ratio 96
Days To Sell 21
Active Listings at Month End 6
%
%
4
2
50
$797,500
$398,750
97
19
11
%
%
-50
-50
-64
-29
14
-45
%
%
%
%
%
%
45
22
49
$8,870,900
$403,223
97
46
%
%
59
25
42
$11,187,400
$447,496
97
49
%
%
-24
-12
-21
-10
-8
%
%
%
%
%
2Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Recreational
Units Listed 1
Units Sold 0
Sell/List Ratio 0
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 35
%
%
1
0
0
$0
14
%
%
0
150
%
%
%
%
%
%
44
4
9
$2,744,000
$686,000
97
112
%
%
27
4
15
$1,437,500
$359,375
94
102
%
%
63
0
91
91
9
%
%
%
%
%
Manufactured Home
Units Listed 22
Units Sold 6
Sell/List Ratio 27
Sales Dollars -$734,500
Average Price / Unit -$122,417
Price Ratio 93
Days To Sell 69
Active Listings at Month End 139
%
%
31
10
32
$1,524,500
$152,450
94
96
128
%
%
-29
-40
-148
-180
-28
9
%
%
%
%
%
%
318
125
39
$14,842,704
$118,742
95
92
%
%
336
131
39
$18,131,350
$138,407
93
86
%
%
-5
-5
-18
-14
7
%
%
%
%
%
Residential Lots
Units Listed 24
Units Sold 16
Sell/List Ratio 67
Sales Dollars $4,938,300
Average Price / Unit $308,644
Price Ratio 128
Days To Sell 186
Active Listings at Month End 223
%
%
11
3
27
$748,900
$249,633
94
39
208
%
%
118
433
559
24
372
7
%
%
%
%
%
%
275
79
29
$19,552,414
$247,499
102
135
%
%
320
74
23
$23,034,883
$311,282
95
87
%
%
-14
7
-15
-20
55
%
%
%
%
%
Residential Lots - Waterfront
Units Listed 3
Units Sold 1
Sell/List Ratio 33
Sales Dollars $299,600
Average Price / Unit $299,600
Price Ratio 109
Days To Sell 73
Active Listings at Month End 42
%
%
3
3
100
$1,465,000
$488,333
93
76
46
%
%
0
-67
-80
-39
-4
-9
%
%
%
%
%
%
65
16
25
$7,957,540
$497,346
97
114
%
%
71
15
21
$7,451,000
$496,733
92
115
%
%
-8
7
7
0
-1
%
%
%
%
%
3Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Residential Acreage
Units Listed 9
Units Sold 0
Sell/List Ratio 0
Sales Dollars $2,535,000
Average Price / Unit
Price Ratio 94
Days To Sell 90
Active Listings at Month End 187
%
%
17
5
29
$1,356,900
$271,380
93
156
207
%
%
-47
-100
87
-42
-10
%
%
%
%
%
%
188
34
18
$12,305,448
$361,925
93
271
%
%
228
44
19
$20,141,800
$457,768
85
221
%
%
-18
-23
-39
-21
23
%
%
%
%
%
Residential Acreage - Waterfront
Units Listed 1
Units Sold 1
Sell/List Ratio 100
Sales Dollars $170,000
Average Price / Unit $170,000
Price Ratio 81
Days To Sell 498
Active Listings at Month End 77
%
%
5
0
0
$0
87
%
%
-80
-11
%
%
%
%
%
%
72
10
14
$5,111,000
$511,100
90
233
%
%
81
5
6
$4,171,000
$834,200
83
198
%
%
-11
100
23
-39
18
%
%
%
%
%
Revenue - Duplex/Triplex
Units Listed 7
Units Sold 0
Sell/List Ratio 0
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 20
%
%
7
1
14
$715,000
$715,000
95
52
23
%
%
0
-100
-100
-13
%
%
%
%
%
%
52
19
37
$12,331,500
$649,026
97
83
%
%
56
17
30
$11,191,000
$658,294
97
55
%
%
-7
12
10
-1
51
%
%
%
%
%
Revenue - Multi Units
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 11
%
%
2
0
0
$0
10
%
%
-100
10
%
%
%
%
%
%
26
2
8
$1,450,000
$725,000
96
58
%
%
36
12
33
$14,175,000
$1,181,250
96
74
%
%
-28
-83
-90
-39
-22
%
%
%
%
%
4Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Revenue - Apartment Block
Units Listed 1
Units Sold 1
Sell/List Ratio 100
Sales Dollars $10,500,000
Average Price / Unit $10,500,000
Price Ratio 96
Days To Sell 50
Active Listings at Month End 5
%
%
2
1
50
$7,875,000
$7,875,000
95
66
3
%
%
-50
0
33
33
-24
67
%
%
%
%
%
%
9
1
11
$10,500,000
$10,500,000
96
50
%
%
6
2
33
$9,784,000
$4,892,000
96
64
%
%
50
-50
7
115
-21
%
%
%
%
%
Revenue - Commercial
Units Listed 18
Units Sold 1
Sell/List Ratio 6
Sales Dollars $549,000
Average Price / Unit $549,000
Price Ratio 100
Days To Sell 206
Active Listings at Month End 49
%
%
3
1
33
$535,000
$535,000
89
191
47
%
%
500
0
3
3
8
4
%
%
%
%
%
%
97
12
12
$11,714,900
$976,242
95
93
%
%
71
8
11
$9,802,800
$1,225,350
91
140
%
%
37
50
20
-20
-33
%
%
%
%
%
Revenue - Industrial
Units Listed 2
Units Sold 0
Sell/List Ratio 0
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 3
%
%
0
0
$0
1
%
%
200
%
%
%
%
%
%
5
0
0
$0
%
%
0
0
$0
%
%
%
%
%
%
%
Business with Land & Building
Units Listed 13
Units Sold 2
Sell/List Ratio 15
Sales Dollars $3,225,000
Average Price / Unit $1,612,500
Price Ratio 94
Days To Sell 14
Active Listings at Month End 74
%
%
5
5
100
$694,915
$138,983
84
168
65
%
%
160
-60
364
1060
-92
14
%
%
%
%
%
%
105
15
14
$5,527,067
$368,471
96
101
%
%
99
21
21
$7,418,950
$353,283
91
185
%
%
6
-29
-26
4
-45
%
%
%
%
%
5Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Business Only
Units Listed 10
Units Sold 2
Sell/List Ratio 20
Sales Dollars $199,000
Average Price / Unit $99,500
Price Ratio 74
Days To Sell 127
Active Listings at Month End 59
%
%
22
1
5
$34,000
$34,000
87
76
69
%
%
-55
100
485
193
66
-14
%
%
%
%
%
%
105
30
29
$2,475,500
$82,517
81
144
%
%
134
19
14
$1,651,188
$86,905
83
119
%
%
-22
58
50
-5
22
%
%
%
%
%
Motel/Hotel
Units Listed 2
Units Sold 0
Sell/List Ratio 0
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 10
%
%
1
1
100
$3,100,000
$3,100,000
78
532
9
%
%
100
-100
-100
11
%
%
%
%
%
%
9
2
22
$858,000
$429,000
93
125
%
%
13
4
31
$6,345,008
$1,586,252
89
278
%
%
-31
-50
-86
-73
-55
%
%
%
%
%
Lease - Office
Units Listed 4
Units Sold 1
Sell/List Ratio 25
Sales Dollars $13
Average Price / Unit $13
Price Ratio
Days To Sell 93
Active Listings at Month End 36
%
%
9
1
11
$14
$14
256
41
%
%
-56
0
-7
-7
-64
-12
%
%
%
%
%
%
65
11
17
$164
$15
121
%
%
57
8
14
$112
$14
150
%
%
14
38
47
7
-19
%
%
%
%
%
Lease - Retail
Units Listed 9
Units Sold 2
Sell/List Ratio 22
Sales Dollars $47
Average Price / Unit $24
Price Ratio
Days To Sell 151
Active Listings at Month End 54
%
%
8
1
13
$8
$8
64
33
%
%
13
100
532
216
135
64
%
%
%
%
%
%
77
13
17
$252
$19
109
%
%
51
11
22
$165
$15
103
%
%
51
18
53
29
5
%
%
%
%
%
6Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Lease - Warehouse
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 0
%
%
0
0
$0
0
%
%
%
%
%
%
%
%
0
0
$0
%
%
0
0
$0
%
%
%
%
%
%
%
Lease - Industrial
Units Listed 0
Units Sold 0
Sell/List Ratio
Sales Dollars $0
Average Price / Unit
Price Ratio
Days To Sell
Active Listings at Month End 0
%
%
0
0
$0
2
%
%
-100
%
%
%
%
%
%
1
0
0
$0
%
%
1
0
0
$0
%
%
0 %
%
%
%
%
Lease - Other
Units Listed 4
Units Sold 1
Sell/List Ratio 25
Sales Dollars $28
Average Price / Unit $28
Price Ratio
Days To Sell 108
Active Listings at Month End 61
%
%
11
0
0
$0
48
%
%
-64
27
%
%
%
%
%
%
71
11
15
$1,042
$95
123
126
%
%
86
8
9
$168
$21
117
%
%
-17
38
520
351
8
%
%
%
%
%
Commercial Land
Units Listed 9
Units Sold 1
Sell/List Ratio 11
Sales Dollars $1,530,000
Average Price / Unit $1,530,000
Price Ratio 86
Days To Sell 123
Active Listings at Month End 48
%
%
8
0
0
$0
47
%
%
13
2
%
%
%
%
%
%
51
5
10
$4,736,550
$947,310
87
121
%
%
50
4
8
$3,045
$761
338
%
%
2
25
155444
124335
-64
%
%
%
%
%
7Victoria Real Estate Board Multiple Listing Service ®
Monthly Comparative Activity By Property Type November 01, 2012
October 2012
Current Month
This Year % ChangeLast Year
Year To Date
This Year % ChangeLast Year
Units Listed 1068
Units Sold 373
Sell/List Ratio 35
Sales Dollars $183,685,922
Average Price / Unit $492,456
Price Ratio 97
Days To Sell 80
Active Listings at Month End 4876
%
%
Grand Totals
1086
483
44
$235,126,971
$486,805
96
76
4687
%
%
-2
-23
-22
1
6
4
%
%
%
%
%
%
12995
5098
39
$2,430,375,330
$476,731
97
72
%
%
13493
5219
39
$2,587,935,886
$495,868
97
65
%
%
-4
-2
-6
-4
10
%
%
%
%
%
8Victoria Real Estate Board Multiple Listing Service ®
Active Listings, New Listings and Sales October 2012Thursday, November 01, 2012
2,900
3,100
3,300
3,500
3,700
3,900
4,100
4,300
4,500
4,700
4,900
5,100
5,300
Oct
201
0
Nov
201
0
Dec
201
0
Jan
2011
Feb
201
1
Mar
201
1
Apr
201
1
May
201
1
Jun
2011
Jul 2
011
Aug
201
1
Sep
201
1
Oct
201
1
Nov
201
1
Dec
201
1
Jan
2012
Feb
201
2
Mar
201
2
Apr
201
2
May
201
2
Jun
2012
Jul 2
012
Aug
201
2
Sep
201
2
Oct
201
2
Total Active MLS® Listings
Total Ne MLS® Listings and Total MLS® Sales
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Oct
201
0
Nov
201
0
Dec
201
0
Jan
2011
Feb
201
1
Mar
201
1
Apr
201
1
May
201
1
Jun
2011
Jul 2
011
Aug
201
1
Sep
201
1
Oct
201
1
Nov
201
1
Dec
201
1
Jan
2012
Feb
201
2
Mar
201
2
Apr
201
2
May
201
2
Jun
2012
Jul 2
012
Aug
201
2
Sep
201
2
Oct
201
2
Total New MLS® Listings and Total MLS® Sales
Listings Sales
Victoria Real Estate Board Multiple Listing Service ®
Average Selling PricesThursday, November 01, 2012
October 2012
$300,000
$325,000
$350,000
$375,000
$400,000
Condominiums (All Areas)
$500,000
$525,000
$550,000
$575,000
$600,000
$625,000
$650,000
$675,000
Oct
20
10
No
v 2
01
0
De
c 2
01
0
Jan
20
11
Fe
b 2
01
1
Ma
r 2
01
1
Ap
r 2
01
1
Ma
y 2
01
1
Jun
20
11
Jul 2
01
1
Au
g 2
01
1
Se
p 2
01
1
Oct
20
11
No
v 2
01
1
De
c 2
01
1
Jan
20
12
Fe
b 2
01
2
Ma
r 2
01
2
Ap
r 2
01
2
Ma
y 2
01
2
Jun
20
12
Jul 2
01
2
Au
g 2
01
2
Se
p 2
01
2
Oct
20
12
Single Family Homes (Greater Victoria Only)
$250,000
$275,000
Oct
20
10
No
v 2
01
0
De
c 2
01
0
Jan
20
11
Fe
b 2
01
1
Ma
r 2
01
1
Ap
r 2
01
1
Ma
y 2
01
1
Jun
20
11
Jul 2
01
1
Au
g 2
01
1
Se
p 2
01
1
Oct
20
11
No
v 2
01
1
De
c 2
01
1
Jan
20
12
Fe
b 2
01
2
Ma
r 2
01
2
Ap
r 2
01
2
Ma
y 2
01
2
Jun
20
12
Jul 2
01
2
Au
g 2
01
2
Se
p 2
01
2
Oct
20
12
Victoria Real Estate Board Multiple Listing Service ®
$325,000
$350,000
$375,000
$400,000
$425,000
$450,000
$475,000
$500,000
Oct
20
10
No
v 2
01
0
De
c 2
01
0
Jan
20
11
Fe
b 2
01
1
Ma
r 2
01
1
Ap
r 2
01
1
Ma
y 2
01
1
Jun
20
11
Jul 2
01
1
Au
g 2
01
1
Se
p 2
01
1
Oct
20
11
No
v 2
01
1
De
c 2
01
1
Jan
20
12
Fe
b 2
01
2
Ma
r 2
01
2
Ap
r 2
01
2
Ma
y 2
01
2
Jun
20
12
Jul 2
01
2
Au
g 2
01
2
Se
p 2
01
2
Oct
20
12
Townhomes (All Areas)
MONTHLY MARKET UPDATEOctober was the first month where we have begun to
clearly observe the influence of government lending regulations in cooling our market numbers. Total MLS sales in the month of October only reached 373, of which 211 were single family home sales. These numbers are down some 23% from last year’s October month end of 483 total MLS sales.
Sales numbers notwithstanding, market prices have remained relatively stable when compared with both last month and last October. The average price of a single family home in the Greater Victoria Area in October was $592,097 compared with $595,836 in October of 2011.
Condominiums have seen a more significant impact. The average price of a Condominium in October of last year was $307,329 in contrast to this Octobers average of $274,072.
November
2012
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
200
300
400
500
600
700
800
900
1000
Num
ber o
f Sales
Monthly Sales Comparison (2010‐2012)
373
Compliments of
Holmes Realty Ltd.2481 Beacon Avenue
Sidney, BCV8L 1X9
250 656-0911
www.holmesrealty.com
Scan to visit our Website!
HOLMES
REALTY
Last month, 15 water-front property sold in the Greater Victoria Area, up 3 from 2011. Eleven single family dwellings sold for over one million dollars, of which, one property sold in the two mil-lion dollar range and another sold in the three million dollar range.
The absorption rate rose in October to 9.5 months of inventory, up from 9.2 months in September. This number could have climbed much higher, however our listing inventory dropped some 149 listings over last month, ending October with a total of 4,875 active listings. Historically this number will continue to fall until next spring.
While our Agents continue to expe-rience a “wait-and-see” attitude with much of their clientele, well priced prop-erty that is in good condition continues to gar-ner attention. Finally, we expect to see a slower, level market through the win-ter season. •
3.8
5.1
5.4
8.1 8.17.4 7.6 7.8
6.96.7
6.37.1
7.9
8.0
8.7 9.0
10.4
9.99.5
9.99.4
8.8
8.3
8.59.1 9.4
9.810.0
9.48.9 8.8 9.2 9.5
2
3
4
5
6
7
8
9
10
11
12
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12Mon
ths o
f Inven
tory
Absorption Rate (2010 ‐ 2012)
2010 2011 2012
0123456789
101112
Single FamilyCondos
Town Houses
7.48
n/an/a
3.88 4.46 5.56
8.22 9.00
7.20
Mon
ths of In
ventory
Absorption Rates October 2012
North Saanich Sidney Central Saanich
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
200
300
400
500
600
700
800
900
1000
Num
ber o
f Sales
Monthly Sales Comparison (2010‐2012)
Single Family Detached
Price RangeNorth Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold
$0-$500K 5 0 12 5 17 3
$500K-$800K 53 4 44 1 12 2
$800K-$1M 14 0 10 0 0 2
$1M-$2M 19 0 16 1 2 0
$2M+ 13 0 7 0 1 0
SFD Waterfront
Price RangeSaanich PeninsulaListed Sold
$0-$1M 9 1
$1M-$2M 12 0
$2M+ 15 0
Condos & Townhomes
Price RangeSaanich PeninsulaListed Sold
$0-$400K 70 16
$400K-$800K 55 2
$800K-$1M 2 0
$1M+ 4 0
Manufactured Homes
Price RangeSaanich PeninsulaListed Sold
$0-$150K 12 2
$150K-$300K 13 1
$300K+ 0 0
Lots & Vacant Land
Price RangeSaanich PeninsulaListed Sold
$0-$300K 2 1
$300K-$400K 18 1
$400K-$500K 1 0
$500K+ 18 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.