We've been really impressed with how fast our new homes at The Summit at Thetis have been selling.  Three more accepted offers this week and just as many the week before tell us that we really have something great here.  

If you have visited our show homes, you will know that we offer a quiet location close to Thetis Lake, surrounded by parks.  Our homes are all non-strata, spacious, bright, and offer many unexpected details. With prices from $474,900, this is also one of the most affordable new home developments in View Royal - especially with such a great setting.

If you haven't visited The Summit at Thetis, why not visit us this weekend, Saturday and Sunday, from 1-4pm and see for youself what all the fuss is about?

(s)

Homes at Hazelwood, one of the most popular single family home developments in the Happy Valley is inching closer to being sold out.  With another home sold, we now have only 8 completed homes ready to move into today!  

We will be open again this weekend from 1-4pm and hope to see you there.  With great features such as gas fireplaces, no strata, spacious garages, and real back yards, Homes at Hazelwood offer excellent value.

(h)

The best way to characterize the market these last few weeks would be "status quo."  No, I certainly wouldn't say our market is stable, but I would say that it has been cruising along without significant changes for the last few weeks.  This is good news for buyers and sellers!

Single family homes are selling well, with 3% more homes selling now than at the same time last year.  Prices are about the same as last year.  Considering the slow start to the year, this is great news.  I would expect sales to start slowing as we head further into the summer and more buyers start to go on holiday.  If you have a home to sell, you need to take full advantage of today and make sure you are well priced and well marketed.

The condo market, on the other hand, continues to perform below average with the number of properties sold down about 10% from last year.  With a high level of inventory, pricing is the key here with many condos simply overpriced!

Over the last 30 days, 347 single family houses were sold, up by 9 houses from last week.  The median price is up $3,105 to $528,000. The average house was on the market for 36 days.

In the last 30 days, 137 condos were sold, up by 6 condos from last week.  The median price is down $10,000 to $280,000. The average condo was on the market for 55 days.

There are now 2,237 houses for sale, up by 25 from last week.  Condo inventory has risen by 6 to 1035 suites.

(h)(s)

N E W S  R E L E A S E

May 15, 2013

For Immediate Release

VICTORIA REALTORS® COOK UP $10,000 DONATION FOR THE MUSTARD SEED FAMILY CENTRE

The Mustard Seed Family Centre received a boost today from the Victoria Real Estate Board(VREB) who donated $10,000 and named the Family Centre as VREB’s Charity of the Year. REALTORS^® arrived onsite with a dozen slow cookers filled with nutritious family meals and cookbooks of the recipes used ­– one for each program participant to take home.

After the cheque presentation, a shared meal with staff and participants gave volunteers the opportunity to discuss other ways to help the Family Centre.

“Part of our community relations program is to volunteer in ways that provide value to organizations,” said Carol Crabb, VREB Past-President.  “When we notified the Mustard Seed Family Centre that we had chosen them, we asked how we could help. Diane Pearson, the program coordinator, said she wanted to secure a Crockpot^® for each person in the group to help them cook nutritious, budget-conscious meals for their busy families.”

Earlier this year, the VREB issued a call for proposals to local organizations that contribute to the well being of the Greater Victoria community. The successful proponent would receive $10,000 for a specific new project or initiative, as well as volunteerism and fundraising for the balance of the year.

“The Mustard Seed is helping families build an inventory of skills to help them succeed in life,” said Andrew Plank, VREB Community Relations Chair. “I’m so pleased that VREB is able to help in our small way, and look forward to helping support the families by other means.”

“We are truly grateful to the Victoria Real Estate Board for the generous donation and volunteer commitment to the Mustard Seed,” says Jackie Cox-Ziegler, Director of Administration for the Mustard Seed . “This is wonderful opportunity to work together to improve the lives of families living in poverty in Victoria.”

The Mustard Seed has been helping people living in poverty since 1975. The programs and services of the Mustard Seed are 100% community funded. They include Vancouver Island’s largest food bank, counseling, advocacy and outreach services, a drop-in centre, a coffee shop, clothing bank, haircuts, nursing and chapel, a Family Centre with life skills programs, and an addictions recovery program at Hope Farms Healing Centre. The Mustard Seed relies on approximately 40 volunteers per day to serve those in need.

The Victoria Real Estate Board has been the non-profit association of REALTORS® in Greater Victoria and the Southern Gulf Islands for 92 years. VREB provides information to consumers and government, local regulation to over 1,200 Members, and manages the Multiple Listing Service (MLS®) system for the use of its Members. VREB works throughout the region to help build healthy, sustainable communities according to its Quality of Life Principles.

– 30 –

Contact:

Maggie Kerr-Southin                                      Christine Gleed

Communications Manager                             Mouthpiece Communications (for the Mustard Seed)

Victoria Real Estate Board                             T: 250.857.7517

T: 250.920.4652                                              E: christine@mouthpiece.ca

C: 250.516.5596

E: mkerrsouthin@vreb.org

(h)(s)

Here is another example of how critical pricing is.  This townhouse had been on the market for quite a while.  After a small final price drop of $10,000 we quickly received several offers.  It ended up selling at higher than asking!  

There are definitely buyers out there, they just need to see value and then they are ready to commit.

We are now deep into our annual Spring selling season.  This is the time of year when, traditionally, more homes change hands that at any other time of the year.  Often, families try to time their purchase in the Spring so that they can move during the summer, minimizing the disruption to their children's school lives.

This year is no different, we are seeing more sales at this point than at any other time of the year. Those sellers who are pricing their homes sharply are finding buyers.  But, prices are still down compared to last year and sellers must price their homes properly relative to the market to find a buyers.  

Those who have a single family home to sell are fairing much better than those with a condo.  While the number of homes selling, and pricing, is down slightly compared to last spring, the condo market is really, really tough!  Last year's tightening of the mortgage rules took a lot of first time buyers out of the market, meaning that there are fewer condo buyers.  Combine that with many sellers who are unable to sell because the dropping prices have cancelled out much of their equity and you have a recipe for a large reduction in sales.  As of today, the number of condos sold is down nearly 20% compared to the same 30 day period last year.  

If you own a condo, and are trying to sell it, there is good news and bad news.  The good news is that most of the condos on the market are simply overpriced for today's market, leaving buyers screaming for a reasonably priced place to live. The bad news is you probably will sell your condo for less than you would like.  My advice, take the hit, get the condo sold and take advantage of the lower prices for single family homes.  In the end, its a wash and you will have a property that should appreciate better.

Many feel that tomorrows election will have an effect on real estate values.  Those who support the NDP say that the added stability that the workers in the province will increase property values.  Those who support the Liberals say that, like in the 90's, business will be driven from our province, causing the loss of jobs and property values.  Either way, this an important election. No matter what your belief system, please get out and vote!

Here are the stats from the last 30 days:

Over the last 30 days, 338 single family houses were sold, down by 9 houses from last week.  The median price is down $10,843 to $534,750. The average house was on the market for 35 days.

In the same time period, 140 condos were sold, down by 3 condos from last week.  The median price is up $3,500 to $278,500. The average condo was on the market for 51 days.

There are now 2,188 houses for sale, up by 28 from last week.  Condo inventory has risen by 45 to 990 suites.

(h)(s)

Wow!  With eight homes complete and ready to move into today, ranging in price from $369,900 to $389,900, Homes at Hazelwood definitely deserves your visit today.  Our show home will be open both days this weekend from 1-4pm at 3341 Merlin in the Langford Happy Valley.

With our detached houses priced lower than some town homes, www.HomesAtHazelwood.ca is a must visit!

(h)

Having represented Colleen 14 years ago with the purchase of this home, our thanks go out to her for trusting us to get it SOLD... and to Cheryl Laidlaw for so professionally representing the buyers.

After nearly a year on the market with another Realtor team, we recommended a tiny reduction in price combined with a new approach to marketing.  

The net result... An accepted offer in less than a week at 98% of the asking price.  

Thanks to our clients for trusting the Preferred Homes Team, and thanks to Mary Secord-Fisher for so professionally representing the buyers!

Is it the weather or has the market just woken up?  Over the last few weeks we have really seen the market for houses take off!  Compared to just a month ago, the number of houses sold has increased by a whopping 38%  Even compared to last year, more houses sold in the last 30 days than the same period last year.  If you want to take advantage of this hot market, now is definitely the time to get your house on the market. However, you will still need to price your home well.  Even though the market is moving very quickly, homes are still selling for less than they were at this time last year.  Our stats still show that the median price is down by about 3% and holding there.

The condo market, unfortunately, is continuing its slower pace of sales.  The number of condos selling is still well down from last year.  If this market is going to pick up, some sellers will likely need to adjust their pricing downwards to match buyer's expectations.

Here are the actual stats:

Over the last 30 days, 347 single family houses were sold, up by 24 houses from last week.  The median price is up $3,443 to $545,593. The average house was on the market for 35 days.  In the same time period, 143 condos were sold, up by 9 condos from last week.  The median price is unchanged at $275,000. The average condo was on the market for 51 days.

There are now 2,160 houses for sale, up by 20 from last week.  Condo inventory has fallen by 1 to 945 suites.

(h)(s)