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Board stats for August along with a break down specifically for the Saanich Peninsula
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FOR IMMEDIATE RELEASE September 4, 2012
A STEADY, FLAT REAL ESTATE MARKET CONTINUES IN GREATER VICTORIA
VICTORIA, BC— The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the “wait and see” attitude its Member REALTORS® are hearing from the buying public.
Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011. During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011. The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings.
“Sales are down 11.5% over August 2011” says Carol Crabb, President of the Victoria Real Estate Board. “When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction.”
The overall provincial outlook is strong, with employers replacing part‐time positions with full‐time, and ongoing low interest rates. The British Columbia Real Estate Association predicts the resulting consumer confidence will move the provincial economy from flat to strong in 2013.
Other categories are also holding steady. Condominium and manufactured home sales are virtually unchanged over August 2011, while townhomes sales continue to be softer.
Total Waterfront Single Family Dwellings sold: 25, down 3 sales from 2011 Total Non‐waterfront Single Family Dwellings sold: 215, down 64 sales from August 2011 Single Family Dwellings sold over $1 million: 10 (1 over $2 million) STATS QUICK REFERENCE August 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria
2012 ‐ August 2012 ‐ July 2011 ‐ August
No of Sales
Average Price $
MedianPrice $
No of Sales
Average Price $
MedianPrice $
No of Sales
Average Price $
Median Price $
Single Family Gr. Victoria
215 590,843 530,000 273 581,746 532,500 279 652,841
547,000
Single Family Other Areas
25 565,418 460,000 20 564,420 486,000 28 511,439 325,750
Total* Single Family All Areas
240 588,195 526,250 293 580,563 530,000 307 639,944 535,000
Condos 127 320,650 262,900 143 326,833 278,000 128 339,057 271,500Townhomes 47 432,459 369,000 55 379,569 355,000 68 437079 416,700Manufactured Homes
16 131,069 106,450 12 132,742 164,450 15 217790 145,000
TOTAL RESIDENTIAL
430 503 518
TOTAL MTHLY SALES
462 523 542
TOTAL ACTIVE LISTINGS
5,034 5,178 4,944
Number
SINGLE FA 215 ‐ 21.25%Six‐Mont
SINGLE FA $607,335 + 0.30% Number
SINGLE FA 240 ‐ 18.09% Six‐Mont
SINGLE FA $602,167+ 0.20% * Total Sin While the time, e.g. sactual valuREALTOR®
For inform
Maggie KerrManager, CVictoria ReaDirect PhonEmail: mker
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CONDOS 127
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CONDO
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CONDOS 127
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CONDOS$322,73 + 0.35%
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JULY 2012
OWNHOMES 46 ‐ 11.54% ARED TO JULY
TOWNHOMES$419,009 + 1.38% ARED TO JULY
TOWNHOMES 47 ‐ 14.55% PARED TO JUL
TOWNHOMES $417,343 + 1.45%
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2
3
4
5
6
7
8
9
10
11
12
Jan‐12
Feb‐12
Mar‐12
Apr‐12
May‐12
Jun‐12
Jul‐12
Aug‐12
Sep‐12
Oct‐12
Nov‐12
Dec‐12Mon
ths o
f Inven
tory
Absorption Rate (2010 ‐ 2012)
2010 2011 2012
0123456789
101112
Single FamilyCondos
Town Houses
7.56
n/an/a
5.276.95
5.59
7.098.50
4.55
Mon
ths of In
ventory
Absorption Rates August 2012
North Saanich Sidney Central Saanich
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2010 418 621 789 756 695 625 527 425 395 467 479 3492011 339 488 622 574 572 618 523 542 458 483 482 3392012 372 497 570 586 659 637 523 462
200
300
400
500
600
700
800
900
1000
Num
ber o
f Sales
Monthly Sales Comparison (2010‐2012)
Single Family Detached
Price RangeNorth Saanich Central Saanich SidneyListed Sold Listed Sold Listed Sold
$0-$500K 4 0 11 4 14 8
$500K-$800K 59 7 42 7 19 1
$800K-$1M 14 0 11 0 1 1
$1M-$2M 30 2 20 0 1 0
$2M+ 14 1 7 0 1 0
SFD Waterfront
Price RangeSaanich PeninsulaListed Sold
$0-$1M 8 1
$1M-$2M 17 0
$2M+ 16 1
Condos & Townhomes
Price RangeSaanich PeninsulaListed Sold
$0-$400K 87 18
$400K-$800K 51 1
$800K-$1M 1 0
$1M+ 4 0
Manufactured Homes
Price RangeSaanich PeninsulaListed Sold
$0-$150K 9 3
$150K-$300K 15 2
$300K+ 0 0
Lots & Vacant Land
Price RangeSaanich PeninsulaListed Sold
$0-$300K 3 0
$300K-$400K 15 0
$400K-$500K 1 0
$500K+ 19 0
“Listed” refers to the number of listings presently on the market at the end of the month indicated.“Sold” refers to any properties with unconditional offers in the month indicated.
August 2012Sales Performance
DFH Sidney$38,025,000
29.34%
Gordon Hulme$3,729,000
2.88%
Royal LePage By the Sea$9,621,300
7.42%
Saanich Peninsula Realty$1,982,500
1.53%
Sparling Real Estate$937,5000.72%
Holmes Realty$40,411,354
31.18%
Re/Max Peninsula$34,886,200
26.92%
Percentage of Sales Peninsula OfficesAugust 2012
Office / Value / PercentageYear To Date
© 2012 Holmes Realty Ltd. ‐ Data Sourced From VREB MLS
Holmes Realty$60,035,942
37%
Re/Max Peninsula$42,744,508
27%
DFH Sidney$32,233,655
20%
Royal LePage By the Sea$11,287,500
7%
Gordon Hulme$6,112,100
4%
Keller Williams Realty West$3,887,000
2%
Saanich Peninsula Realty$1,963,000
1%
Sparling Real Estate$1,890,000
1%
Percentage of Sales Peninsula OfficesYear End 2011
Office / Value / Percentage
© 2011 Holmes Realty Ltd. ‐ Data Sourced From VREB MLS