Posted by: Daryl & Wendy Ashby | September 14, 2011

The Facts – As I See Them

There are stats and facts coming out of the ying yang when it comes to this market we don’t necessarily enjoy.

Our local Real Estate board has generated their fair share as well as Central Mortgage and Housing (CMHC), but to be quite honest none to date have helped me see where the Real Estate Industry really is, as it relates to market values.

It is fair to say we are in an unusual market and at this point in time the Seller’s are not steering the ship, but the results from the study I just completed for myself have been quite incouraging.

I found:

One very surprising find is that our rate of sales for single family homes thus far in 2011 should yield approximately 3126 by year end. That reflects rather nicely on last year and 2008.

Interesting too, is that we will exceed all the previous years for sales over $1 million (Est. 239).

Sales in the $900 – $1 million and $700 – $800 are on target with prior years, while sales between $800 – $900 will exceed last year by 33% (Est. 197). It would appear those with money are still willing to part with it.

Sales for homes $500 – $600 may drop by 7.6%, while those $600 – $700 may dip by 13%. This could be viewed as the high achiever market that is generally beyond the average persons means.

Not surprising is those homes in the $400 – $500 range will actually surpass 2010 by 16%. With the change in lending terms, first time buyers are having to be more realistic in their expectations and the always affordable 1970 to 1980 bread-box homes fall right in the middle of this bracket.

So let’s conclude by recognizing that this is a “Buyer’s market” and homes have to be priced right in order to see favourable results.

The following totals are based on sales that took place during the years 2008 – 2011 (Aug 31) for single family homes within the entire Greater Victoria (including Sooke & Peninsula):

Range              2011 (<Aug)   2011 (Est yr end)     2010      2009     2008

200 – 400             176                    (264)                        221         487         343

400 – 500             501                     (752)                       648       1092         928

500 – 600              512                     (768)                       812       1017          741

600 – 700              346                    (519)                        585        573            595

700 – 800               214                    (321)                       311          268            266

800 – 900                131                    (197)                       148          141            118

900 – $1 mill            45                      (68)                         67            77              66

$1 mill plus              159                   (239)                       216          196             171

Totals                        2084                (3126)                    3022        3849          3128

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