Difficult to believe that summer (as we know it) will be over in a week’s time……..lazy days, children at play, for some of us a happy respite in an interesting locale during the last two months. Real Estate Sales in Victoria have continued on apace as though summer was not the “traditional” quiet period of some summers past…
Indeed, the last 2 quarters have seen robust sales results in our market. From April 1st it appears that listings are down (11% year over year for single family homes and 18% for condos) and we could be on the edge of a “balanced market” for the first time in a long time. Brisk activity since that time has led to an increase of sales/listing ratio of 56% in July 2013 over July 2012. Only 47% of signle family homes listed in July 2012 sold.
Average sale prices for single family homes are only down -2% year over year. Averages for condos down -7% this year. But better news on the 6 month average prices: Single family – holding at .36% higher; condos up 1.22% and townhouses holding at .40% up.
All properties that sold in The Greater Victoria area were on market an average of 76 days in July 2013. Houses took an average of 57 days to sell; condos took an average of 70 days to sell and townhouses took an average of 83 days to sell.
The British Columbia Real Estate Association has released a 3rd quarter update stating that after a pull back of consumer demand in 2012 (we all know about that) that the market is transitioning toward elevated activity and sales are to increase approximately 3.9% over those of 2012. I believe this demand is borne out by statistics of the last 5 months.
I predict that Sales for August 2013 should be above those of last year – as interest rates slowly rise – there are buyers out there who want to preserve the 140 day rate-hold that they have been promised.
Two big qualification changes for insured mortgages (those with less than 20% downpayment) will come into play at the end of December 2013. In a nutshell, guarantors of mortgages will now have to be on title & qualification calculations will encompass a higher figure for home heating (based on a square footage model) after the end of the year. Every penny counts and that will be even more the case as we head into 2014.
But interest rates are still historically low – still great opportunities in our market as sellers are wending their way to realistic prices and seeing great success as a result!
Questions – queries? That’s what I’m here for……….Vicky 250-217-2313 cell phone