West-Shore, Single Family Homes Real Estate Market 2011 Year in Review

West-Shore, Single Family Homes Real Estate Market 2011 Year in Review  
The West-Shore  (also called The Western Communities) is Located Just West of Saanich,  and Victoria, and contains View Royal, The Highlands, Langford, Colwood, Methchosin, and Sooke, most of Greater Victoria's New Single Family homes are constructed in the West-Shore.

 
Reviewing Single Family Home Market Activity on the  West-Shore for 2011:

• 2011 shows Colwood and View Royal with Fewer Listings compared to 2010.
• With 95 fewer sales in the Western Communities, only Metchosin saw an increase in the number of sales compared to 2010.
• In 2011 it took 12 days Longer on average  to sell a house in the Western Communities, with only Metchosin selling faster than in 2010. All in all the homes that are selling are doing so in approx. 2 months.
• Listing to sales ratio (how many of the listings actually sell) dropped from to a little more than 36%, this clearly is the biggest challenge for the Western Communities.
• In the Western Communities, New Home Construction is the highest compared to most other Greater Victoria Communities, and as such impacts the inventory levels and the with that the relative competitiveness of properties in the Market.

Reviewing Single Family Home Market Value Activity for the Wes-Shore for 2011:

• Both Median and Average Prices Declined by  4.75 % and 7.8 % respectively in The Western Communities, making homes more affordable.
• Once again only Metchosin saw average Sales Prices increase in 2011.
• The spread between Asking Price and actual Sale Price Ratio has increased by  a very modest 1.1 %.
• In General in The Highlands, Metchosin and other smaller communities with fewer sales Averages and Medians tend to be more impacted by a few extreme sales or events and as such a bit more caution needs to be taken in drawing conclusions from the data provided.

• City of Victoria Single Family Homes Real Estate Market Review of 2011
• Oak Bay Single Family Homes Real Estate Market Review of 2011
• Esquimalt, Single Family Homes Real Estate Market 2011 Year in Review
• Saanich East, Single Family Homes Real Estate Market 2011 Year in Review  
• Saanich West, Single Family Homes Real Estate Market 2011 Year in Review 
• Saanich Peninsula, Single Family Homes Real Estate Market 2011 Year in Review   
• West-Shore, Single Family Homes Real Estate Market 2011 Year in Review.
• Greater Victoria Strata Homes,  Real Estate Market 2011 Year in Review 

Here is a link to the Victoria Real Estate Board Statistical Reports, published every month.

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