november market update

Monday, 5 November, 2012 9:26:11 AM Pacific Standard Time

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Subject: MINOR CORRECTION: In table with arrows -‐ FEDERAL MEASURES MAKE IMPACT ON VICTORIA REALESTATE MARKET

Date: Thursday, 1 November, 2012 4:11:57 PM Pacific Daylight Time

From: VREB MessagesTo: undisclosed-‐recipients:;

Priority: High

FOR IMMEDIATE RELEASENovember 1, 2012 FEDERAL MEASURES MAKE IMPACT ON VICTORIA REAL ESTATE MARKET VICTORIA, BC—While prices held steady through most of the Greater Victoria region’s real estatemarket in October, government lending regulations have had the desired “cooling effect” on year-‐over-‐year sales numbers. Total MLS® sales for October 2012 were 373 compared to 483 in October 2011. During the month,211 single family homes sold throughout the Victoria Real Estate Board’s region, compared to 260 inOctober 2011. The average price for single family homes was $576,720, down 2% from last October’saverage of $590,539. The median price for the same period is down $24,000 (4.5%). Month-‐over-‐month, both sales volume and the six-‐month average for single family homes are flat. Active listingsare 4,876. “Overall sales for Greater Victoria are down 19%,” says Carol Crabb, President of the Victoria RealEstate Board. “Federal measures to slow real estate sales nationally are having a local affect. OurREALTORS® tell me that with the reduced amortization rates, many buyers are having trouble gettingfinancing for the type of home that fits their needs, particularly first-‐time buyers.” Crabb also notes that there are fluctuations across the region. Sales and prices are flat in the CoreMunicipalities, while sales are down on the Saanich Peninsula, with declined sales and prices on theWestshore. “I strongly caution against reading too much into the numbers,” she says. “Both activityand prices vary by sub-‐area. For some the sample size is always small, so a sale of one or twoproperties can result in a 50% change.” There were 92 condominium sales last month, 37% fewer than during October 2011. Sixmanufactured homes sold compared to 10 during the previous October. Townhome sales declined37% and the average price dropped from $428,040 to $387,769, a 9% decrease. Total Waterfront Single Family Dwellings sold: 15, up 3 from 2011Total Non-‐waterfront Single Family Dwellings sold: 196, down 52 sales from September 2011Single Family Dwellings sold over $1 million: 11 (1 over $2 million, 1 over $3million)

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STATS QUICK REFERENCEOctober 2012, MLS® Real Estate Sales and Average Prices, Greater Victoria 2012 -‐ October 2012 -‐ September 2011 -‐ October

No ofSales

AveragePrice $

MedianPrice $

No ofSales

AveragePrice $

MedianPrice $

No ofSales

AveragePrice $

MedianPrice $

Single Family Gr.Victoria

190 592,097 526,500 190

589,361 518,500 238 595,836 539,750

Single FamilyOther Areas

21 437,595 425,000 26 639,962 517,202 22 533,235 407,000

Total* Single FamilyAll areas

211 576,720 506,000 216 595,452 517,500 260 590,539 530,000

Condos 92 274,072 255,000 127 320,304 263,450 145 307,329 277,000Townhomes 35 387,769 382,450 46 391,291 378,500 52 428,040 374,500Manufactured*Homes 6 -‐

122,417127,850 11 135,036 148,000 10 152,450 160,000

TOTAL RESIDENTIAL 344 400

461

TOTAL SALES 373 419 483 TOTAL ACTIVELISTINGS

4,876 5,025 4,687

* Negative result reflects a collapsed sale of $1,545,000 reported as complete in Sept. 2012. October 2012, MLS® Real Estate Sales and Six-‐Month Average Prices over September 2012Number of Sales (Gr. Victoria only) October 2012 COMPARED TO SEPTEMBER 2012

SINGLE FAMILY CONDOS TOWNHOMES 190 92 32 0.00% -‐27.56% -‐ 23.81%Six-‐Month Average Price (Gr. Victoria only) October 2012 COMPARED TO SEPTEMBER 2012

SINGLE FAMILY CONDOS TOWNHOMES $596,671 $314,370 $413,451 -‐ 0.46% -‐ 2.29% -‐ 0.82%Number of Sales (All Areas) October 2012 COMPARED TO SEPTEMBER 2012

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SINGLE FAMILY CONDOS TOWNHOMES 211 92 35 -‐ 2.31% -‐ 27.56% -‐ 23.91%Six-‐Month Average Price (All Areas) October 2012 COMPARED TO SEPTEMBER 2012

SINGLE FAMILY CONDOS TOWNHOMES $591,580 $313,989 $408,559 -‐ 0.94% -‐ 2.12% -‐ 1.39% * Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. sixmonths or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of anyparticular property. Those requiring specific information on property values should contact a REALTOR®.

-‐ 30 –

For information:Maggie Kerr-‐Southin APRManager, Communications Victoria Real Estate Board Direct Phone: 250.920.4652; Cell: 250.516.5596Email: [email protected]

Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board - www.vreb.org3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652

P Please consider the environment before printing this email.

mailto:[email protected]

http://www.vreb.org/

Monthly Sales SummaryThursday, November 1, 2012

Units Total Volume Average

Price

6 Month

Average

October 2012

Region Median

PriceDistrict

ResidentialSingle Familyl

Greater Victoria

Victoria 24 $14,107,999 $587,833 $621,980 $497,500

Oak Bay 16 $14,954,400 $934,650 $878,905 $727,450

Esquimalt 3 $1,608,500 $536,167 $469,503 $536,000

View Royal 2 $1,290,770 $645,385 $544,519 $645,385

Saanich East 50 $29,879,850 $597,597 $639,264 $559,500

Saanich West 23 $11,453,400 $497,974 $529,817 $485,000

Central Saanich 8 $4,329,900 $541,238 $562,645 $474,950

North Saanich 5 $3,150,000 $630,000 $690,354 $638,000

Sidney 7 $3,649,000 $521,286 $465,318 $420,000

Colwood 11 $4,219,500 $383,591 $476,425 $420,000

Langford 19 $9,667,200 $508,800 $494,176 $450,000

Metchosin 1 $550,000 $550,000 $627,097 $550,000

Sooke 10 $3,541,400 $354,140 $384,811 $369,000

Waterfront (all districts) 11 $10,096,500 $917,864 $1,074,571 $747,500

Total Greater Victoria 190 $112,498,419 $592,097 $596,671 $526,500

Other Areas

Shawnigan Lake / Malahat 2 $865,000 $432,500 $441,317 $432,500

Gulf Islands 9 $3,709,000 $412,111 $484,178 $390,000

UpIsland / Mainland 6 $2,230,500 $371,750 $425,932 $341,250

Waterfront (all districts) 4 $2,385,000 $596,250 $840,690 $597,500

Total Other Areas 21 $9,189,500 $437,595 $538,746 $425,000

Total Single Family 211 $121,687,919 $576,720 $591,580 $506,000

Condominiuml

Greater Victoria

Victoria 37 $10,505,429 $283,931 $307,067 $255,000

Victoria West 2 $817,000 $408,500 $459,395 $408,500

Oak Bay 2 $593,000 $296,500 $371,535 $296,500

Esquimalt 4 $504,900 $126,225 $230,137 $255,000

View Royal 1 $268,573 $268,573 $282,079 $268,573

Saanich East 7 $2,120,500 $302,929 $319,036 $270,000

Saanich West 4 $1,041,900 $260,475 $266,495 $236,000

Sidney 13 $2,873,000 $221,000 $270,535 $219,000

Langford 11 $2,819,300 $256,300 $262,720 $257,500



Total Condominium 92 $25,214,602 $274,072 $313,989 $255,000

1Victoria Real Estate Board Multiple Listing Service ®



Price

6 Month

Average

October 2012

Region Median

PriceDistrict

Townhousel

Greater Victoria

Victoria 7 $2,756,169 $393,738 $468,471 $330,500

View Royal 1 $511,000 $511,000 $338,514 $511,000

Saanich East 8 $3,704,500 $463,063 $486,790 $515,000

Saanich West 2 $701,500 $350,750 $385,989 $350,750

Central Saanich 1 $521,000 $521,000 $404,328 $521,000

Sidney 1 $515,000 $515,000 $383,514 $515,000

Colwood 3 $1,457,212 $485,737 $391,051 $393,000

Langford 4 $1,238,300 $309,575 $324,038 $318,700

Sooke 2 $624,800 $312,400 $314,621 $312,400



Other Areas

Gulf Islands 1 $390,000 $390,000 $398,000 $390,000

Waterfront (all districts) 2 $82,082 $41,041 $41,041 $41,041

Total Other Areas 3 $472,082 $157,361 $305,127 $57,082

Total Townhouse 35 $13,571,913 $387,769 $408,559 $382,450

Manufactured Homesl

Greater Victoria

Central Saanich 2 $266,850 $133,425 $139,209 $133,425

Sidney 2 $422,000 $211,000 $206,846 $211,000

Langford 1 $25,000 $25,000 $81,933 $25,000

Sooke 1 $49,900 $49,900 $37,327 $49,900

Waterfront (all districts) -1 ($1,545,000) ($1,545,000) $1,545,000

Total Greater Victoria 5 ($781,250) ($156,250) $119,304 $133,425

Other Areas

UpIsland / Mainland 1 $46,750 $46,750 $43,625 $46,750

Total Other Areas 1 $46,750 $46,750 $90,472 $46,750

Total Manufactured Homes 6 ($734,500) ($122,417) $115,749 $127,850

Total Residential 344 $159,739,934




Price

6 Month

Average

October 2012

Region Median

PriceDistrict

Grand Totals 373 $183,685,922

10 $14,473,088 $1,447,309Other Commercial Propertiesl

1 $1,530,000 $1,530,000Commercial Landl

Other Property

Lots & Acreage (Incl Wtrfrnt)l

Greater Victoria

Saanich East 2 $2,875,000 $1,437,500 $1,437,500 $1,437,500

North Saanich 2 $595,000 $297,500 $467,875 $297,500

Langford 5 $1,604,900 $320,980 $261,843 $279,900

Sooke -1 ($125,100) $125,100 $162,431 $137,450


Other Areas

Shawnigan Lake / Malahat 5 $2,160,500 $432,100 $183,800 $436,500

Gulf Islands 2 $295,000 $147,500 $214,700 $147,500

UpIsland / Mainland 2 $367,600 $183,800 $221,025 $183,800

Other 1 $170,000 $170,000 $170,000 $170,000

Total Other Areas 10 $2,993,100 $299,310 $207,390 $362,300

Total Lots & Acreage (Incl Wtrfrnt) 18 $7,942,900 $441,272 $288,976 $290,000


Monthly Comparative Activity By Property Type November 01, 2012

October 2012

Current Month

This Year % ChangeLast Year

Year To Date


Single Family - Residential

Units Listed 438

Units Sold 174

Sell/List Ratio 40

Sales Dollars $97,221,919

Average Price / Unit $558,747

Price Ratio 96

Days To Sell 60

Active Listings at Month End 1535

%

%

401

219

55

$122,514,709

$559,428

97

63

1437

%

%

9

-21

-21

0

-6

7

%

%

%

%

%

%

5422

2369

44

$1,339,532,027

$565,442

97

59

%

%

5475

2414

44

$1,398,522,392

$579,338

97

54

%

%

-1

-2

-4

-2

9

%

%

%

%

%

Single Family - Residential Waterfront

Units Listed 50

Units Sold 15

Sell/List Ratio 30



Price Ratio 96

Days To Sell 100


%

%

35

12

34

$11,223,900

$935,325

93

117

283

%

%

43

25

11

-11

-14

6

%

%

%

%

%

%

518

126

24

$133,208,526

$1,057,211

94

109

%

%

517

147

28

$160,041,831

$1,088,720

93

113

%

%

0

-14

-17

-3

-4

%

%

%

%

%

Single Family - Residential Acreage

Units Listed 50

Units Sold 17

Sell/List Ratio 34



Price Ratio 95

Days To Sell 121


%

%

47

21

45

$16,433,900

$782,567

95

95

325

%

%

6

-19

-38

-24

27

11

%

%

%

%

%

%

740

208

28

$151,807,880

$729,846

95

107

%

%

734

223

30

$152,880,518

$685,563

96

92

%

%

1

-7

-1

6

17

%

%

%

%

%

Condominium

Units Listed 285

Units Sold 92

Sell/List Ratio 32



Price Ratio 96

Days To Sell 77


%

%

285

145

51

$44,562,775

$307,329

97

75

1066

%

%

0

-37

-43

-11

2

1

%

%

%

%

%

%

3309

1375

42

$435,847,000

$316,980

97

69

%

%

3422

1397

41

$456,542,994

$326,802

96

61

%

%

-3

-2

-5

-3

12

%

%

%

%

%



October 2012

Current Month


Year To Date


Townhouse

Units Listed 95

Units Sold 34

Sell/List Ratio 36



Price Ratio 97

Days To Sell 98


%

%

155

46

30

$19,689,850

$428,040

97

83

434

%

%

-39

-26

-35

-12

18

-3

%

%

%

%

%

%

1179

541

46

$220,845,404

$408,217

98

75

%

%

1402

551

39

$242,710,283

$440,491

98

63

%

%

-16

-2

-9

-7

19

%

%

%

%

%

Strata Duplex (Up and Down)

Units Listed 1

Units Sold 1

Sell/List Ratio 100

Sales Dollars $350,000


Price Ratio 97

Days To Sell 33


%

%

0

1

$382,500

$382,500

97

127

2

%

%

0

-8

-8

-74

250

%

%

%

%

%

%

15

3

20

$920,000

$306,667

95

53

%

%

9

5

56

$2,190,500

$438,100

99

55

%

%

67

-40

-58

-30

-4

%

%

%

%

%

Strata Duplex (Side by Side)

Units Listed 8

Units Sold 4

Sell/List Ratio 50



Price Ratio 94

Days To Sell 78


%

%

13

4

31

$1,472,600

$368,150

99

89

41

%

%

-38

0

34

34

-12

-32

%

%

%

%

%

%

132

65

49

$27,235,512

$419,008

97

57

%

%

152

70

46

$29,120,999

$416,014

97

64

%

%

-13

-7

-6

1

-11

%

%

%

%

%

Strata Duplex (Front and Back)

Units Listed 2

Units Sold 1

Sell/List Ratio 50



Price Ratio 96

Days To Sell 21


%

%

4

2

50

$797,500

$398,750

97

19

11

%

%

-50

-50

-64

-29

14

-45

%

%

%

%

%

%

45

22

49

$8,870,900

$403,223

97

46

%

%

59

25

42

$11,187,400

$447,496

97

49

%

%

-24

-12

-21

-10

-8

%

%

%

%

%



October 2012

Current Month


Year To Date


Recreational

Units Listed 1

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0

Average Price / Unit

Price Ratio

Days To Sell


%

%

1

0

0

$0

14

%

%

0

150

%

%

%

%

%

%

44

4

9

$2,744,000

$686,000

97

112

%

%

27

4

15

$1,437,500

$359,375

94

102

%

%

63

0

91

91

9

%

%

%

%

%

Manufactured Home

Units Listed 22

Units Sold 6

Sell/List Ratio 27

Sales Dollars -$734,500

Average Price / Unit -$122,417

Price Ratio 93

Days To Sell 69


%

%

31

10

32

$1,524,500

$152,450

94

96

128

%

%

-29

-40

-148

-180

-28

9

%

%

%

%

%

%

318

125

39

$14,842,704

$118,742

95

92

%

%

336

131

39

$18,131,350

$138,407

93

86

%

%

-5

-5

-18

-14

7

%

%

%

%

%

Residential Lots

Units Listed 24

Units Sold 16

Sell/List Ratio 67



Price Ratio 128

Days To Sell 186


%

%

11

3

27

$748,900

$249,633

94

39

208

%

%

118

433

559

24

372

7

%

%

%

%

%

%

275

79

29

$19,552,414

$247,499

102

135

%

%

320

74

23

$23,034,883

$311,282

95

87

%

%

-14

7

-15

-20

55

%

%

%

%

%

Residential Lots - Waterfront

Units Listed 3

Units Sold 1

Sell/List Ratio 33



Price Ratio 109

Days To Sell 73


%

%

3

3

100

$1,465,000

$488,333

93

76

46

%

%

0

-67

-80

-39

-4

-9

%

%

%

%

%

%

65

16

25

$7,957,540

$497,346

97

114

%

%

71

15

21

$7,451,000

$496,733

92

115

%

%

-8

7

7

0

-1

%

%

%

%

%



October 2012

Current Month


Year To Date


Residential Acreage

Units Listed 9

Units Sold 0

Sell/List Ratio 0



Price Ratio 94

Days To Sell 90


%

%

17

5

29

$1,356,900

$271,380

93

156

207

%

%

-47

-100

87

-42

-10

%

%

%

%

%

%

188

34

18

$12,305,448

$361,925

93

271

%

%

228

44

19

$20,141,800

$457,768

85

221

%

%

-18

-23

-39

-21

23

%

%

%

%

%

Residential Acreage - Waterfront

Units Listed 1

Units Sold 1

Sell/List Ratio 100



Price Ratio 81

Days To Sell 498


%

%

5

0

0

$0

87

%

%

-80

-11

%

%

%

%

%

%

72

10

14

$5,111,000

$511,100

90

233

%

%

81

5

6

$4,171,000

$834,200

83

198

%

%

-11

100

23

-39

18

%

%

%

%

%

Revenue - Duplex/Triplex

Units Listed 7

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

7

1

14

$715,000

$715,000

95

52

23

%

%

0

-100

-100

-13

%

%

%

%

%

%

52

19

37

$12,331,500

$649,026

97

83

%

%

56

17

30

$11,191,000

$658,294

97

55

%

%

-7

12

10

-1

51

%

%

%

%

%

Revenue - Multi Units

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

2

0

0

$0

10

%

%

-100

10

%

%

%

%

%

%

26

2

8

$1,450,000

$725,000

96

58

%

%

36

12

33

$14,175,000

$1,181,250

96

74

%

%

-28

-83

-90

-39

-22

%

%

%

%

%



October 2012

Current Month


Year To Date


Revenue - Apartment Block

Units Listed 1

Units Sold 1

Sell/List Ratio 100


Average Price / Unit $10,500,000

Price Ratio 96

Days To Sell 50


%

%

2

1

50

$7,875,000

$7,875,000

95

66

3

%

%

-50

0

33

33

-24

67

%

%

%

%

%

%

9

1

11

$10,500,000

$10,500,000

96

50

%

%

6

2

33

$9,784,000

$4,892,000

96

64

%

%

50

-50

7

115

-21

%

%

%

%

%

Revenue - Commercial

Units Listed 18

Units Sold 1

Sell/List Ratio 6



Price Ratio 100

Days To Sell 206


%

%

3

1

33

$535,000

$535,000

89

191

47

%

%

500

0

3

3

8

4

%

%

%

%

%

%

97

12

12

$11,714,900

$976,242

95

93

%

%

71

8

11

$9,802,800

$1,225,350

91

140

%

%

37

50

20

-20

-33

%

%

%

%

%

Revenue - Industrial

Units Listed 2

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

1

%

%

200

%

%

%

%

%

%

5

0

0

$0

%

%

0

0

$0

%

%

%

%

%

%

%

Business with Land & Building

Units Listed 13

Units Sold 2

Sell/List Ratio 15



Price Ratio 94

Days To Sell 14


%

%

5

5

100

$694,915

$138,983

84

168

65

%

%

160

-60

364

1060

-92

14

%

%

%

%

%

%

105

15

14

$5,527,067

$368,471

96

101

%

%

99

21

21

$7,418,950

$353,283

91

185

%

%

6

-29

-26

4

-45

%

%

%

%

%



October 2012

Current Month


Year To Date


Business Only

Units Listed 10

Units Sold 2

Sell/List Ratio 20



Price Ratio 74

Days To Sell 127


%

%

22

1

5

$34,000

$34,000

87

76

69

%

%

-55

100

485

193

66

-14

%

%

%

%

%

%

105

30

29

$2,475,500

$82,517

81

144

%

%

134

19

14

$1,651,188

$86,905

83

119

%

%

-22

58

50

-5

22

%

%

%

%

%

Motel/Hotel

Units Listed 2

Units Sold 0

Sell/List Ratio 0

Sales Dollars $0


Price Ratio

Days To Sell


%

%

1

1

100

$3,100,000

$3,100,000

78

532

9

%

%

100

-100

-100

11

%

%

%

%

%

%

9

2

22

$858,000

$429,000

93

125

%

%

13

4

31

$6,345,008

$1,586,252

89

278

%

%

-31

-50

-86

-73

-55

%

%

%

%

%

Lease - Office

Units Listed 4

Units Sold 1

Sell/List Ratio 25

Sales Dollars $13

Average Price / Unit $13

Price Ratio

Days To Sell 93


%

%

9

1

11

$14

$14

256

41

%

%

-56

0

-7

-7

-64

-12

%

%

%

%

%

%

65

11

17

$164

$15

121

%

%

57

8

14

$112

$14

150

%

%

14

38

47

7

-19

%

%

%

%

%

Lease - Retail

Units Listed 9

Units Sold 2

Sell/List Ratio 22

Sales Dollars $47


Price Ratio

Days To Sell 151


%

%

8

1

13

$8

$8

64

33

%

%

13

100

532

216

135

64

%

%

%

%

%

%

77

13

17

$252

$19

109

%

%

51

11

22

$165

$15

103

%

%

51

18

53

29

5

%

%

%

%

%



October 2012

Current Month


Year To Date


Lease - Warehouse

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

0

%

%

%

%

%

%

%

%

0

0

$0

%

%

0

0

$0

%

%

%

%

%

%

%

Lease - Industrial

Units Listed 0

Units Sold 0

Sell/List Ratio

Sales Dollars $0


Price Ratio

Days To Sell


%

%

0

0

$0

2

%

%

-100

%

%

%

%

%

%

1

0

0

$0

%

%

1

0

0

$0

%

%

0 %

%

%

%

%

Lease - Other

Units Listed 4

Units Sold 1

Sell/List Ratio 25

Sales Dollars $28


Price Ratio

Days To Sell 108


%

%

11

0

0

$0

48

%

%

-64

27

%

%

%

%

%

%

71

11

15

$1,042

$95

123

126

%

%

86

8

9

$168

$21

117

%

%

-17

38

520

351

8

%

%

%

%

%

Commercial Land

Units Listed 9

Units Sold 1

Sell/List Ratio 11



Price Ratio 86

Days To Sell 123


%

%

8

0

0

$0

47

%

%

13

2

%

%

%

%

%

%

51

5

10

$4,736,550

$947,310

87

121

%

%

50

4

8

$3,045

$761

338

%

%

2

25

155444

124335

-64

%

%

%

%

%



October 2012

Current Month


Year To Date


Units Listed 1068

Units Sold 373

Sell/List Ratio 35



Price Ratio 97

Days To Sell 80


%

%

Grand Totals

1086

483

44

$235,126,971

$486,805

96

76

4687

%

%

-2

-23

-22

1

6

4

%

%

%

%

%

%

12995

5098

39

$2,430,375,330

$476,731

97

72

%

%

13493

5219

39

$2,587,935,886

$495,868

97

65

%

%

-4

-2

-6

-4

10

%

%

%

%

%


Active Listings, New Listings and Sales October 2012Thursday, November 01, 2012

2,900

3,100

3,300

3,500

3,700

3,900

4,100

4,300

4,500

4,700

4,900

5,100

5,300

Oct

201

0

Nov

201

0

Dec

201

0

Jan

2011

Feb

201

1

Mar

201

1

Apr

201

1

May

201

1

Jun

2011

Jul 2

011

Aug

201

1

Sep

201

1

Oct

201

1

Nov

201

1

Dec

201

1

Jan

2012

Feb

201

2

Mar

201

2

Apr

201

2

May

201

2

Jun

2012

Jul 2

012

Aug

201

2

Sep

201

2

Oct

201

2

Total Active MLS® Listings

Total Ne MLS® Listings and Total MLS® Sales

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Oct

201

0

Nov

201

0

Dec

201

0

Jan

2011

Feb

201

1

Mar

201

1

Apr

201

1

May

201

1

Jun

2011

Jul 2

011

Aug

201

1

Sep

201

1

Oct

201

1

Nov

201

1

Dec

201

1

Jan

2012

Feb

201

2

Mar

201

2

Apr

201

2

May

201

2

Jun

2012

Jul 2

012

Aug

201

2

Sep

201

2

Oct

201

2

Total New MLS® Listings and Total MLS® Sales

Listings Sales

Victoria Real Estate Board Multiple Listing Service ®

Average Selling PricesThursday, November 01, 2012

October 2012

$300,000

$325,000

$350,000

$375,000

$400,000

Condominiums (All Areas)

$500,000

$525,000

$550,000

$575,000

$600,000

$625,000

$650,000

$675,000

Oct

20

10

No

v 2

01

0

De

c 2

01

0

Jan

20

11

Fe

b 2

01

1

Ma

r 2

01

1

Ap

r 2

01

1

Ma

y 2

01

1

Jun

20

11

Jul 2

01

1

Au

g 2

01

1

Se

p 2

01

1

Oct

20

11

No

v 2

01

1

De

c 2

01

1

Jan

20

12

Fe

b 2

01

2

Ma

r 2

01

2

Ap

r 2

01

2

Ma

y 2

01

2

Jun

20

12

Jul 2

01

2

Au

g 2

01

2

Se

p 2

01

2

Oct

20

12

Single Family Homes (Greater Victoria Only)

$250,000

$275,000

Oct

20

10

No

v 2

01

0

De

c 2

01

0

Jan

20

11

Fe

b 2

01

1

Ma

r 2

01

1

Ap

r 2

01

1

Ma

y 2

01

1

Jun

20

11

Jul 2

01

1

Au

g 2

01

1

Se

p 2

01

1

Oct

20

11

No

v 2

01

1

De

c 2

01

1

Jan

20

12

Fe

b 2

01

2

Ma

r 2

01

2

Ap

r 2

01

2

Ma

y 2

01

2

Jun

20

12

Jul 2

01

2

Au

g 2

01

2

Se

p 2

01

2

Oct

20

12

Victoria Real Estate Board Multiple Listing Service ®

$325,000

$350,000

$375,000

$400,000

$425,000

$450,000

$475,000

$500,000

Oct

20

10

No

v 2

01

0

De

c 2

01

0

Jan

20

11

Fe

b 2

01

1

Ma

r 2

01

1

Ap

r 2

01

1

Ma

y 2

01

1

Jun

20

11

Jul 2

01

1

Au

g 2

01

1

Se

p 2

01

1

Oct

20

11

No

v 2

01

1

De

c 2

01

1

Jan

20

12

Fe

b 2

01

2

Ma

r 2

01

2

Ap

r 2

01

2

Ma

y 2

01

2

Jun

20

12

Jul 2

01

2

Au

g 2

01

2

Se

p 2

01

2

Oct

20

12

Townhomes (All Areas)

MONTHLY MARKET UPDATEOctober was the first month where we have begun to

clearly observe the influence of government lending regulations in cooling our market numbers. Total MLS sales in the month of October only reached 373, of which 211 were single family home sales. These numbers are down some 23% from last year’s October month end of 483 total MLS sales.

Sales numbers notwithstanding, market prices have remained relatively stable when compared with both last month and last October. The average price of a single family home in the Greater Victoria Area in October was $592,097 compared with $595,836 in October of 2011.

Condominiums have seen a more significant impact. The average price of a Condominium in October of last year was $307,329 in contrast to this Octobers average of $274,072.

November

2012

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 372 497 570 586 659 637 523 462 419 373

200

300

400

500

600

700

800

900

1000

Num

ber o

f Sales

Monthly Sales Comparison (2010‐2012)

373

Compliments of

Holmes Realty Ltd.2481 Beacon Avenue

Sidney, BCV8L 1X9

250 656-0911

www.holmesrealty.com

Scan to visit our Website!

HOLMES

REALTY

Last month, 15 water-front property sold in the Greater Victoria Area, up 3 from 2011. Eleven single family dwellings sold for over one million dollars, of which, one property sold in the two mil-lion dollar range and another sold in the three million dollar range.

The absorption rate rose in October to 9.5 months of inventory, up from 9.2 months in September. This number could have climbed much higher, however our listing inventory dropped some 149 listings over last month, ending October with a total of 4,875 active listings. Historically this number will continue to fall until next spring.

While our Agents continue to expe-rience a “wait-and-see” attitude with much of their clientele, well priced prop-erty that is in good condition continues to gar-ner attention. Finally, we expect to see a slower, level market through the win-ter season. •

3.8

5.1

5.4

8.1 8.17.4 7.6 7.8

6.96.7

6.37.1

7.9

8.0

8.7 9.0

10.4

9.99.5

9.99.4

8.8

8.3

8.59.1 9.4

9.810.0

9.48.9 8.8 9.2 9.5

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

7.48

n/an/a

3.88 4.46 5.56

8.22 9.00

7.20

Mon

ths of In

ventory

Absorption Rates October 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 372 497 570 586 659 637 523 462 419 373

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 5 0 12 5 17 3

$500K-$800K 53 4 44 1 12 2

$800K-$1M 14 0 10 0 0 2

$1M-$2M 19 0 16 1 2 0

$2M+ 13 0 7 0 1 0

SFD Waterfront

Price RangeSaanich PeninsulaListed Sold

$0-$1M 9 1

$1M-$2M 12 0

$2M+ 15 0

Condos & Townhomes


$0-$400K 70 16

$400K-$800K 55 2

$800K-$1M 2 0

$1M+ 4 0

Manufactured Homes


$0-$150K 12 2

$150K-$300K 13 1

$300K+ 0 0

Lots & Vacant Land


$0-$300K 2 1

$300K-$400K 18 1

$400K-$500K 1 0

$500K+ 18 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.

October 2012Sales Performance

0

1000

2000

3000

4000

5000

Total Active Listings / Number of Sales

Active Listings Number of Sales

DFH Sidney$42,172,100

28.26%

Gordon Hulme$3,729,000

2.50%

Royal LePage By the Sea$11,088,300

7.43%

Saanich Peninsula Realty$2,162,500

1.45%

Sparling Real Estate$1,157,500

0.78%

Holmes Realty$47,618,547

31.91%

Re/Max Peninsula$41,278,488

27.67%

Percentage of Sales Peninsula OfficesOctober 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

november market update

Documents