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Flat market in April maintains balanced real estate in Greater Victoria VREB MARKET REPORT May 1, 2012 VICTORIA, BC - Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says Carol Crabb, President of the Victoria Real Estate Board. "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume." The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000. "Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," Crabb says. Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012. Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013. Sales Stats Summary (click for larger):
When Interpreting Our Statistics |
Many realtors are struggling to make ends meet (although there are signs that May could be a strong month). I'm having my best year ever. Part of my strategy has been to work closely with my sellers to help them understand the market and not to overprice their homes. My past four listings all sold in a matter of days. A prerequisite to a strong sale is good marketing, especially good photos. But pricing correctly is absolutely critical. Many sellers do not understand the difference between pricing strategy and sales price. Excepting those occasional over inflated sales prices, a seller can't outright fool the market. Over pricing often means a long listing with a series of agonizing price reductions, finishing with a sales price that is often less than if the home had offered value right off and generated significant traffic into the home in the first days. That's why, statistically, strange as it sounds, homes that sell faster sell for more. That said, there are different pricing strategies, and every seller has his/her own motivations. But the message, in short, is that it is possible to sell within a reasonable time frame at a good price. Buyers are out there, waiting and looking for homes that offer value. Single Family Home Sales in Greater Victoria (Sidney to Sooke) for April in previous years:
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From Jordan & Zandra, Esquimalt THIS NEWSLETTER has been provided by Jerome Peacock, Victoria residental real estate specialist at Pemberton Holmes Ltd. Tel: 250-888-0326. To unsubsribe Click here to email Email@VictoriaRealEstateNews.net |
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Realtor, Pemberton Holmes Ltd. |
