The Victoria Real Estate Board today released it’s analysis and statistics for the month of May, 2012. Unit sales are up but prices in most instances are not. Many, many condo sales to first time buyers (with incentives to do so) and properties priced under the 500,000 mark have a better chance of selling than those in the 500-999,000 range unless they contain inlaw suites or additional accomodation.
Hi end properties sold well this month but that is not the average buyer. Total number of listings are up and the list to sale ratio is below 50%……that means that less than half of properties listed sell.
Perception out there is that there is still a strong buyer’s market and seller’s still have to sharpen their pencils to achieve success. Assessed values seem to have little effect and many properties are selling considerably below 2012 Assessments. As 2013 Assessments are determined as of July 1, 2012 data there should be some reductions in those values for homeowners next year…..
Here is what our Board had to say…….
June 1, 2012
MAY 2012 REAL ESTATE MARKET IS PICKING UP IN GREATER VICTORIA
VICTORIA, BC–Consumers are showing confidence in the Greater Victoria real estate market, evidenced
by a spike of 71 residential sales in May 2012 over the previous month. “During the last two or three
months, we’ve seen many potential buyers out looking,” says Carol Crabb, President of the Victoria Real
Estate Board. “During May, they made their decisions. This shows there is good selection on the market,
as well as good value.”
The average price for single family homes sold in Greater Victoria last month was $622,387, a jump over
April’s average of $609,376. Excluding previous months’ sales of over $4 million, the median has
returned to $534,250.
“Last month we told you that homebuyers were researching their purchases by working with home
inspectors, mortgage professionals and REALTORS®,” Crabb says. “Now they are moving forward, which
is often reflected in a spring market, even though it’s not feeling very spring-like.”
Total MLS® sales for May 2012 were 659, with 636 of those residential, compared to 572 and 544
respectively for the same period in 2011, and 586 and 565 last month. We ended May 2012 with 5,015
Total waterfront Single Family Dwellings sold: 15, down 3 sales over May 2011
Total non-waterfront Single Family Dwellings sold: 373, up 38 sales over May 2011
Single Family Dwellings sold over $1 million: 24 (3 over $2 million