RSS

As we move deeper into the Spring market, we can see some trends emerging. 

 

Single family home sales are relatively strong in terms of the volume of sales when compared to the last couple of years.  But, much softer compared to pre-2008 levels.  This is most likely the new normal – lower sales volume as the decreased level of real estate speculation continues.  Even though volume is now similar to last years levels, prices are down about 5%.  We are definitely seeing this play out as homes that sold last year, and which are on the market again now, are usually selling for less.  Inventory is not quite as high as last year, but it is still climbing and could definitely touch those levels.

 

The condo market is facing a similar set of challenges.  Volume is just fine, but to sell those units, sellers need to be more aggressive with their pricing than they had to be just a year ago.

 

One very interesting statistic to point out is that the number of days that it takes to sell a property is very short, and shrinking, while the average number of days on market for unsold properties is growing.  It is clear that there is a disconnect between most sellers and buyers.  Those sellers that price their homes properly are finding lots of eager buyers.  But, with inventory levels so high, optimistically priced home are being passed by and are just sitting on the market.  If your home has been on the market for over 30 days you need to have a conversation with your Realtor, and with yourself.  You may have a pricing problem, that if not corrected, will likely cause your home to sell at less than market value, if it sells at all. In an unstable and challenging market like this, it is more important than ever to get advice from a knowledgeable, trustworthy expert.

 

Is there a portion of the market that is hot?  The answer is yes, and it is the new home market.  The $10,000 tax credit for first time home buyers combined with the increased HST rebate for higher end properties has convinced a lot of buyers that a newly built home is the way to go.  I can’t speak for all new home projects, but our results at www.HomesAtHazelwood.ca, www.TheSummitAtThetis.com, and www.RainbowHill.ca show that there seems to be demand for well priced new properties.

 

Over the last 30 days, 303 single family houses were sold, up by 6 houses from last week.  The median price is down $7,000 to $562,000. The average house was on the market for 35 days.

 

In the same time period, 172 condos were sold, down by 1 condos from last week.  The median price is down $5,000 to $275,000. The average condo was on the market for 38 days.

 

There are now 2,182 houses for sale, up by 59 from last week.  Condo inventory has risen by 17 to 992 suites.

 

(h)(r)(s)

Read

Please visit our Open House at 2360 Chilco RD in VICTORIA.
Open House on Saturday, May 5, 2012 13:00 - 16:00 -Showhome at 2331 Chilco Rd
**Show Home Sat/Sun 1-4**The ?Austin? offer a great family layout with 3-4 bedrooms, including a large great room upstairs, plus a family room & guest room on the lower level. A great price and lots of space for your family! ?The Summit at Thetis? is a new development of semi-custom 3-4 bedroom homes priced from $474,900 to $549,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more, all surrounded by green space and only a short walk to Thetis Lake Park. Choose your plan, your lot, customize, and move into your dream home in about six months. Price includes net HST. Estimated Completion April 30, 2012!
Read

Please visit our Open House at 12 Bamford CRT in VICTORIA.
Open House on Saturday, May 5, 2012 13:00 - 16:00 -Showhome at 2331 Chilco Rd
**Show Home Sat/Sun 1-4**A classic design, the ?Boulderwood? has something for everyone with its large great room featuring a wall of windows, double garage, den, and three bedrooms on the upper level ? including a master suite with a huge walk in closet. One of our grandest plans, this home will satisfy for years to come! ?The Summit at Thetis? is a new development of semi-custom 3-4 bedroom homes priced from $474,900 to $549,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more, all surrounded by green space and only a short walk to Thetis Lake Park. Choose your plan, your lot, customize, and move into your dream home in about six months. Price includes net HST. Est completion April 15!
Read

Please visit our Open House at 3380 Merlin RD.
Open House on Saturday, May 5, 2012 13:00 - 16:00 -Showhome located at 3392 Merlin.
AVAILABLE IMMEDIATELY! The ?Coachwood? offers the ultimate in privacy and value with 9? ceilings, a spacious great room with real gas fireplace, and a large master with ensuite and walk in closet. The spacious 1 bed suite over the detached double garage gives you a lucrative mortgage helper without sacrificing privacy! ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
Read

Please visit our Open House at 3376 Merlin RD.
Open House on Saturday, May 5, 2012 13:00 - 16:00 -Showhome located at 3392 Merlin.
AVAILABLE APRIL 2012! The ?Winchester? offers a versatile layout with 1 of the 3 bedrooms, and an additional family room, on the ground level ? a great layout for teens or extended family. Upstairs, enjoy the great room with 9? ceilings, gas fireplace, open concept kitchen, and sunny deck, all at an amazing price! ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
Read

Please visit our Open House at 11 4045 Rainbow ST in VICTORIA.
Open House on Saturday, May 5, 2012 13:00 - 16:00 **Open house is in Show Suite 4030 Rainbow Hill Lane. Rainbow Hill is a community of 20 prestigious view Town homes.
** SHOW HOME OPEN SAT/SUN 1-4pm ** You have worked hard to get to the top, now you can live there! On one of the highest points in the city, Rainbow Hill is a community of 20 prestigious view homes created beyond expectations. Gaze through your 12 foot floor to ceiling windows and take in the panoramic city, mountain, and sunset views. Relax inside your modern town home with Geo-thermal heating and cooling, entertain in your custom Nygaard interior, or just relax on your view deck and take it all in. With spacious, no-step, main level living, plus an additional level for your media room & more, this is as good as it gets and is truly a must see for the discerning luxury home buyer. Photos are of Show Home. HST is included in the price.
Read

Please visit our Open House at 3376 Merlin RD.
Open House on Sunday, April 29, 2012 13:00 - 16:00 -Showhome located at 3392 Merlin.
AVAILABLE APRIL 2012! The ?Winchester? offers a versatile layout with 1 of the 3 bedrooms, and an additional family room, on the ground level ? a great layout for teens or extended family. Upstairs, enjoy the great room with 9? ceilings, gas fireplace, open concept kitchen, and sunny deck, all at an amazing price! ?Homes at Hazelwood? is a collection of 50 semi-custom 3-4 bedroom homes priced at $359,900 - $499,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more. Choose your plan, your lot, customize, and move into your dream home in about four months. Constructed by Limona to Built Green BC standards to be a more efficient, cost effective, and healthy home. Price includes HST.
Read

Please visit our Open House at 11 4045 Rainbow ST in VICTORIA.
Open House on Sunday, April 29, 2012 13:00 - 16:00 **Open house is in Show Suite 4030 Rainbow Hill Lane. Rainbow Hill is a community of 20 prestigious view Town homes.
** SHOW HOME OPEN SAT/SUN 1-4pm ** You have worked hard to get to the top, now you can live there! On one of the highest points in the city, Rainbow Hill is a community of 20 prestigious view homes created beyond expectations. Gaze through your 12 foot floor to ceiling windows and take in the panoramic city, mountain, and sunset views. Relax inside your modern town home with Geo-thermal heating and cooling, entertain in your custom Nygaard interior, or just relax on your view deck and take it all in. With spacious, no-step, main level living, plus an additional level for your media room & more, this is as good as it gets and is truly a must see for the discerning luxury home buyer. Photos are of Show Home. HST is included in the price.
Read

Please visit our Open House at 2360 Chilco RD in VICTORIA.
Open House on Sunday, April 29, 2012 13:00 - 16:00 -Showhome at 2331 Chilco Rd
**Show Home Sat/Sun 1-4**The ?Austin? offer a great family layout with 3-4 bedrooms, including a large great room upstairs, plus a family room & guest room on the lower level. A great price and lots of space for your family! ?The Summit at Thetis? is a new development of semi-custom 3-4 bedroom homes priced from $474,900 to $549,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more, all surrounded by green space and only a short walk to Thetis Lake Park. Choose your plan, your lot, customize, and move into your dream home in about six months. Price includes net HST. Estimated Completion April 30, 2012!
Read

Please visit our Open House at 12 Bamford CRT in VICTORIA.
Open House on Sunday, April 29, 2012 13:00 - 16:00 -Showhome at 2331 Chilco Rd
**Show Home Sat/Sun 1-4**A classic design, the ?Boulderwood? has something for everyone with its large great room featuring a wall of windows, double garage, den, and three bedrooms on the upper level ? including a master suite with a huge walk in closet. One of our grandest plans, this home will satisfy for years to come! ?The Summit at Thetis? is a new development of semi-custom 3-4 bedroom homes priced from $474,900 to $549,900 offering exceptional value with 9ft ceilings, real gas fireplaces, gas barbecue outlets, and more, all surrounded by green space and only a short walk to Thetis Lake Park. Choose your plan, your lot, customize, and move into your dream home in about six months. Price includes net HST. Est completion April 15!
Read
Categories:   Co Hatley Park, Colwood Real Estate | Co Lagoon, Colwood Real Estate | Co Olympic View, Colwood Real Estate | Co Sun Ridge, Colwood Real Estate | Co Triangle, Colwood Real Estate | Co Wishart South, Colwood Real Estate | CS Brentwood Bay, Central Saanich Real Estate | CS Island View, Central Saanich Real Estate | CS Saanichton, Central Saanich Real Estate | CS Tanner, Central Saanich Real Estate | CS Turgoose, Central Saanich Real Estate | CS Willis Point, Central Saanich Real Estate | CV Mt Washington, Comox Valley Real Estate | Du Chemainus, Duncan Real Estate | Du Cowichan Bay, Duncan Real Estate | Du Honeymoon Bay, Duncan Real Estate | Du Ladysmith, Duncan Real Estate | Du Lake Cowichan, Duncan Real Estate | Du West Duncan, Duncan Real Estate | Es Esquimalt, Esquimalt Real Estate | Es Kinsmen Park, Esquimalt Real Estate | Es Old Esquimalt, Esquimalt Real Estate | Es Rockheights, Esquimalt Real Estate | Es Saxe Point, Esquimalt Real Estate | GI Pender Island, Gulf Islands Real Estate | La Atkins, Langford Real Estate | La Bear Mountain, Langford Real Estate | La Fairway, Langford Real Estate | La Glen Lake, Langford Real Estate | La Goldstream, Langford Real Estate | La Happy Valley, Langford Real Estate | La Langford Lake, Langford Real Estate | La Langford Proper, Langford Real Estate | La Luxton, Langford Real Estate | La Mill Hill, Langford Real Estate | La Olympic View, Langford Real Estate | La Thetis Heights, Langford Real Estate | La Walfred, Langford Real Estate | La Westhills, Langford Real Estate | ML Cobble Hill, Malahat & Area Real Estate | ML Mill Bay, Malahat & Area Real Estate | ML Shawnigan, Malahat & Area Real Estate | NS Dean Park, North Saanich Real Estate | NS Deep Cove, North Saanich Real Estate | NS Swartz Bay, North Saanich Real Estate | OB Estevan, Oak Bay Real Estate | OB Henderson, Oak Bay Real Estate | OB North Oak Bay, Oak Bay Real Estate | OB South Oak Bay, Oak Bay Real Estate | OB Uplands, Oak Bay Real Estate | SE Broadmead, Saanich East Real Estate | SE Cadboro Bay, Saanich East Real Estate | SE Camosun, Saanich East Real Estate | SE Cedar Hill, Saanich East Real Estate | SE Cordova Bay, Saanich East Real Estate | SE Gordon Head, Saanich East Real Estate | SE High Quadra, Saanich East Real Estate | SE Lake Hill, Saanich East Real Estate | SE Lambrick Park, Saanich East Real Estate | SE Maplewood, Saanich East Real Estate | SE Mt Doug, Saanich East Real Estate | SE Mt Tolmie, Saanich East Real Estate | SE Quadra, Saanich East Real Estate | SE Sunnymead, Saanich East Real Estate | SE Swan Lake, Saanich East Real Estate | SE Ten Mile Point, Saanich East Real Estate | Si Sidney North-East, Sidney Real Estate | Si Sidney South-East, Sidney Real Estate | Si Sidney South-West, Sidney Real Estate | Sk Broomhill, Sooke Real Estate | Sk East Sooke, Sooke Real Estate | Sk John Muir, Sooke Real Estate | SW Beaver Lake, Saanich West Real Estate | SW Elk Lake, Saanich West Real Estate | SW Gateway, Saanich East Real Estate | SW Glanford, Saanich West Real Estate | SW Gorge, Saanich West Real Estate | SW Marigold, Saanich West Real Estate | SW Northridge, Saanich West Real Estate | SW Royal Oak, Saanich West Real Estate | SW Tillicum, Saanich West Real Estate | SW West Saanich, Saanich West Real Estate | Vi Burnside, Victoria Real Estate | Vi Central Park, Victoria Real Estate | Vi Downtown, Victoria Real Estate | Vi Fairfield East, Victoria Real Estate | Vi Fairfield West, Victoria Real Estate | Vi Fernwood, Victoria Real Estate | Vi Hillside, Victoria Real Estate | Vi James Bay, Victoria Real Estate | Vi Jubilee, Victoria Real Estate | Vi Mayfair, Victoria Real Estate | Vi Oaklands, Victoria Real Estate | VR Hospital, View Royal Real Estate | VR Prior Lake, View Royal Real Estate | VR Six Mile, View Royal Real Estate | VR View Royal, View Royal Real Estate | VW Songhees, Victoria West Real Estate | VW Victoria West, Victoria West Real Estate
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.