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Full stats for the Greater Victoria Real Estate Board and a breakdown for the Saanich Peninsula
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Friday, 1 March, 2013 4:12:33 PM Pacific Standard Time
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Subject: SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKETDate: Friday, 1 March, 2013 12:45:06 PM Pacific Standard Time
From: VREB MessagesTo: undisclosed-‐recipients:;
SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC–The Victoria Real Estate Board reports a total of 394 sales were processed through theMultiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activitywas in single-‐family homes and condominiums. Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it’smore important to look at monthly trends and compare monthly buying behaviour year-‐over-‐year. “Thetrend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of amodest 2-‐4% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they areexperiencing definite increases in their activity over the last two months and have a positive outlook. Manybuyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regardingthe value of their homes,” Mann says. “However, if a house is priced properly, within the market valuerange, it will likely sell more quickly.” The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of4.67%. The six-‐month average shows an increase of less than one percent year-‐over-‐year, and a less thanone percent decrease over last month. “In other words, no change,” Mann adds. There were 112 condominium sales in February, a 38.27% increase over January 2013. While the medianprice of $270,500 for condominiums is down 2.08% year-‐over-‐year, it increased 13.49% over January 2013.Townhouses saw increased sales in the past month with a median price of $337,500, which is down by11.65% year-‐over-‐year and 10.82% since January 2013. Current active listings at the end of February were4,072. Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012Total Non-‐waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012Single Family Dwellings sold over $1 million: 11 (3 over $2 million) While the use of average price information can be useful in establishing trends when applied over a periodof time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does notindicate the actual value of a property in a particular neighbourhood. Those requiring specific informationon property values in their area should contact a REALTOR®.
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February stats summary on following pages. Maggie Kerr-‐Southin APRManager, Communications, Victoria Real Estate Board Direct Phone: 250.920.4652; Email: [email protected]
February 2013, MLS® Real Estate Sales and Average Prices, Greater Victoria 2013 -‐ February 2013 -‐ January 2012 -‐ February
No ofSales
Average Price $
MedianPrice $
No ofSales
AveragePrice $
MedianPrice $
No ofSales
AveragePrice $
MedianPrice $
Single FamilyGr. Victoria
197 601,377 517,500 138 530,517 489,000 248 579,985 530,000
Single FamilyOther Areas
18 388,844 350,000 15 571,660 425,000 17 588,894 540,000
Total* SingleFamily Allareas
215 583,584 505,000 153 534,557 482,500 265 580,556 530,250
Condos 112 299,412 270,500 81 264,739 238,350 136 313,093 276,250
Townhomes 43 402,278 337,500 40 394,689 382,000 65 393,934 378,450
ManufacturedHomes
13 89,623 67,000 10 81,290 71,750 16 118,056 112,500
TOTALRESIDENTIAL
383 284 482
TOTAL SALES 394 294 497
ACTIVELISTINGS
4,072 3,870 3,977
February 2013, MLS® Real Estate Sales and Six-‐Month Average Prices over January 2013
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* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board - www.vreb.org3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652
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