Wednesday, April 05, 2017

Victoria Real Estate Market Continues Trend of Low Inventory, High Demand

A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.

"We predicted early in the year that we wouldn't see a continuation of the record sales numbers that we saw in 2016," says 2017 Board President Ara Balabanian. "However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.
Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.

"The public and REALTORS® are getting used to the new tempo of the market - with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price," adds President Balabanian. "We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers."

The graphic below shows market price activity in Greater Victoria the past year
If you are considering buying or selling anywhere on the South Island, call Lorne Tuplin today 250-217-4600!

Thursday, March 16, 2017

New One Level Townhouse Listing #73-850 

SOLD  Parklands Dr  $459,900 SOLD

Front
Living Room
 Living Room
Kitchen
Kitchen
Dinette
 
Master Bedroom 
Yard 
 Patio

Parklane Mews! A quiet townhouse complex tucked away off Parklands Drive, minutes from Admiral's Walk and downtown Esquimalt. This is a sundrenched end unit with South & West Walls of windows & private, sunny back yard. Approx. 1300 sq. ft. with an open floor plan for the living room, dining room and kitchen, cozy gas fireplace, 2 good bedrooms, full ensuite bath, breakfast area and surprise den or office, newer high end laminate floors, 9'ceilings, crown moldings - all in great condition! You'll enjoy the quiet park like surroundings with well maintained lawns, flowerbeds, trees and your own private garden to putter in. To view, call Lorne today at 250-217-4600

Monday, March 13, 2017

SOLD 2970 Almartin Pl Colwood - Cul-de-sac SOLD
$429,900

Welcome to this stunning home perfectly located just minutes to Westshore Town Center. Everything has been done in this contemporary 4 BD, 3 Bath home. Main floor offers bedroom/home office with ensuite, large living room with FP & vaulted ceilings, family size updated kitchen, high end appliances overlooking private rear garden. Upper level offer 3 bedrooms & bath, just perfect for a growing family. Recent paint touch up & new blinds. Home is connected by Living room & stairway so feels like single family home. Just a 30 second walk to Herm Williams Park! Act quickly on this home!


 Street View
 Living Room
 Kitchen
 Dining Room
 Master Bedroom
 Back Yard
Park Next Door
Park Next Door



Thursday, March 02, 2017

Victoria Real Estate Market Healthy Heading into Spring  

A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."

The Graph Below shows market activity from February 2016 to February 2017



Tuesday, February 07, 2017

SOLD  New Listing  SOLD
403-1083 Tillicum Road $449,900


 Kitchen
 Kitchen
Dining area
Living Room
Master Bedroom
En suite bath
Park-like setting leading to Dock
Dock

Immaculate, updated top floor unit in a gated California style waterfront complex with boat moorage & Gazebo overlooking the Gorge! Renovations include updated kitchen & Corian counter tops, Crown Moldings through main areas, updated en suite bath with huge Onyx oval tub & vanity top, & updated flooring. Two skylights, lots of windows and 9' ceilings make this well decorated unit sparkle. This plan has a spacious kitchen, very open floor plan & natural gas fireplace in the living room. Access to the balcony from both living room & master bedroom. Complex has a meeting room, secured kayak, canoe & bike storage, workshop, exercise room & guest suite and on site manager. Views across the inner courtyard to the Gorge waterway. To view, call Lorne Tuplin - RE/MAX Camosun 250-217-4600