Victoria West BC, Condominium Market Update September 2010

By
Real Estate Sales Representative with eXp Realty, Victoria BC www.pfanntastic.com

 

Victoria WestVictoria West BC,  Condominium Market Update September 2010

 

Vic West, as Victoria West is called by the locals, is one of Victoria's most vibrant and dynamic areas. With lots of re-development, new services, amenities, trails, walkways, and close proximity, Victoria West is the place to be, if you want the best of both worlds, being close to down town and still feel like you are away from the hustle and bustle of the 24/7 activity in downtown, yet being able to walk or bike to work in minutes.

Over the past few months people have started notice a softening in the Victoria Real Estate Market in General. The Victoria West Condominium Market is no different. With Current inventory and low interest rates, good opportunities do exist in the area. 

The Stats below, will offer you many different ways to review and analyze the current market conditions and activity in the area, also interesting to note is to compare this year with last years, activity, prices and other stats. We hope you enjoy this review of the Victoria West Market update for this month. 

A few observations from the Victoria West Condominium information provided for the past month;

  • Sales of Condominiums in Vic West continue to be very slow with only 4 sales compared with 9 sales last year during the same month.
  • Month over month Sales Price Averages have returned to the $ 396, 000 range down from last month's unusual spike at $ 472,000
  • Six month average sale prices of Condominiums in Vic West remain relatively stable at approx. @ 5% higher than 6 month average sales prices during 2009.
  • One month Median Prices for Condominium Sales in Vic West, compared with 2009 are down by $ 75,000.
  • With 84 Condominiums currently for sale in Vic West and only 4 sales for the past month there is over 21 months worth of inventory, which indicates that the Victoria West  Condominium Market conditions are very weak and will continue to be weak until the overall inventory is reduced to where we have fewer than 8 months of inventory. At current sales numbers it would take over 2 years before we will see the Vic West market conditions improve to a balanced market place, which would indicate that  average and higher end prices will continue decline for the foreseeable future.  

Foot notes,

  • All the statistical information in this review is from the VREB MLS statistical information and does not include information from private sales and or builder / developers.
  • With limited number of sales, sales Price Averages and Median Sales Prices commonly cause substantial changes from month to month, and as such should not be used as a reliable indicator of market trends.
  • It is impossible to predict or anticipate the exact moment prices are at its lowest,  the best way possible is by reviewing  the number of sales, the number of sales and overall absorption of any property type at current price levels...
  • Once the sales volume maintains the currently available inventory at  4-7 month levels for 3 months we have likely entered a balanced market  period.
  • The information provided is believed to be accurate and complete from the sources stated, however this information should not be used strictly in order to establish the market value of your property and or to make decisions about your personal real estate plans. 
  • We would encourage you to contact Peter and Linda Pfann at your convenience so that we can assist you with developing the best real estate strategy and plans for you to ensure that you and your family will achieve your desired real estate results.

Real Estate Activity in Victoria West for September 2010

Victoria West  Condominium Active Listings

Statistics For September 2010 

See clarification for abbreviations at the bottom of this post.

Victoria West Condo listings September 2010

 

Victoria West  Condominium Sales Activity for September 2010 and Market Comparison  2009 vs 2010

 

Victoria West Condominium Sales September 2010

Clarification for Rows; 
Min - Minimum, Not necessarily from the same listing  
Max - Maximum, Not necessarily from the same listing.  
Avg - Average of each Column  
Sum - Total of each Column  

Clarification of Columns;  
Price List -  The Current list price of the properties included  
Price Sold - The Sale Price of the properties included (when sold)  
Price Original - Original List Price of the properties included  
Assessed Value - BCA Assessed Value for Property Tax Purposes  
DoM - Days On Market  
S/L - Sales to list price ratio (sold price divided by list price)  
L/A - list price to Assessed value ratio (list price divided by Assessed Value)  
O/FinSF - Original Price to Finished Square Feet Ratio  
L/FinSF - List Price to Finished Square Feet Ratio  
S/FinSF - Sale Price to Finished Square Feet Ratio  
A/FinSF - Assessed Value to Finished Square Feet Ratio  

Posted by

 

 

 

Peter Pfann,

CPCA, ABR, SRES, E-Pro, IMSD, Master ASA, C-CREC, Associate Broker.

Text or Talk To Peter @: (1) 250 - 213 - 9490  

peterpfann@gmail.com  www.pfanntastic.com

Pfanntastic Properties in Victoria, BC, Canada, @ Fair  Realty Since 1986.

Regional office: 1540 Fort St Victoria, BC V8S 5J2

 

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate General Information
Location:
British Columbia Capital Area Victoria Victoria West
Groups:
A.R. Canadian Newbies
Beautiful British Columbia
Canada, eh
HyperLocal Neighborhood and Community Posts
Vancouver Island Real Estate Agents
Tags:
victoria
victoria west
condominium
market update

Spam prevention
Show All Comments
Rainmaker
1,356,051
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Interesting stats report...appreciated!

Oct 04, 2010 07:10 AM #1
Ambassador
560,552
Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.
eXp Realty, Victoria BC www.pfanntastic.com - Victoria, BC
Talk To or Text Peter 250-213-9490

Hi Li,

thank you for visiting, and appreciate the feedback, Happy Selling

Oct 04, 2010 07:53 AM #2
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
560,552

Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

Talk To or Text Peter 250-213-9490
How Can I be Of Service
*
*
*
*