Last Half of 2011 Sees Stabilized Real Estate Market
While
the real estate market started out sluggish in 2011, by mid-summer unit sales
had stabilized. In December, annual sales for single family homes, townhomes and
manufactured homes had increased, while condominium sales decreased by 15%
compared to December 2010.
"This
may be the result of an increased number of lower priced single-family homes
that became available," says Carol Crabb, President of the Victoria Real Estate
Board.
Crabb
cites that housing prices have softened since December 2010, when the average
single family home sold for $647,063, while in 2011 average prices fluctuated
and now rest at $592,582.
"This
is still quite high compared to the average of $534,411 during the first quarter
of 2009. My feeling is that 2010 closed with a very strong market and in 2011,
we saw average sales hit the 2010 high only in August," says Crabb. "During the
last quarter of 2011, it has been virtually unchanged month over month."
"While
we were trending towards a buyers’ market, based on both the prices and number
of properties for sale, the decline in the number of active listings in December
2011 continues to reflect a balanced market," she says.
December
2011 saw 2,901 residential and 879 non-residential active listings (total 3780),
from a peak of over 4,178 residential and 916 non-residential listings (5,094)
in July 2011. This is the first time the number of active listings has been
fewer than 4,000 since February 2011.
December
marked fewer real estate sales in Greater Victoria, with a total of 339 homes
and other properties selling through the Victoria Real Estate Board’s Multiple
Listing Service® (MLS®), down from 482 sales in November. There were 349 sales
in December 2010. Crabb notes that sales typically decline each December,
reflective of the holiday season.
The
average price for single-family homes sold in Greater Victoria last month was
$592,582, up slightly from $592,034 in November. The median price also increased
to $535,750 while the six-month average declined to $607,221. The overall
average price for condominiums last month was $312,066, down from $320,558 in
November. The median price for condominiums in December also decreased to
$270,000 while the average for the last six months declined marginally to
$321,177. The average price of all townhomes sold last month was $387,719
compared to $380,675 in November. The median price increased to $375,000 from
360,000, while the six month average declined to $416,361.
There
were six sales of single-family homes marginally over $1 million, with one in
View Royal and five in Saanich East. The highest volume of sales in December
2011 was in Saanich East.
MLS®
sales last month included 183 single family homes, 89 condominiums, 37 townhomes
and 11 manufactured homes, totaling 320 residential sales.