Esquimalt BC Condominium Market Update September 2010

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

Esquimalt

Esquimalt BC  Condominium Market Update September 2010

 

About Esquimalt (Victoria, BC)

Located about five minutes west of downtown Victoria, Esquimalt was settled as an agricultural area to provide agricultural products to the forts in the area. Today it is a vibrant community with some of the world’s finest natural harbours. One of the most notable features of the area is the naval base, home of the Royal Navy’s Pacific Squadron, which was established in 1865. The naval base is the largest employer in the Esquimalt. Esquimalt is a well-established city with a small-town feel.

During September The Greater Victoria Real Estate Market in General continues to be soft and, the Esquimalt Condominium Real Estate Market is no different. With low interest rates, good supply and inventory, Esquimalt offers some  very good single family home, Town-home and Condominium  home buying opportunities.

The Statistics 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 Esquimalt  Condominium Market review  for this month. 

 

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

  • Although the number of Condominium sales in Esquimalt are still substantially lower than a year ago, the gap is not as large as it has been.
  • The average monthly sales prices for Condominiums in Esquimalt continues to be below those of the same months in 2009,  September 2010 did see Average Condominium sales price of $ 279,000 which is $ 14,000 (5%) below sales prices of  2009. 
  • 6 month Average Sales Prices between 2009 and 2010 indicate  that today's prices are still a bit higher than 2009 by about 8%  (2009 $ 264,000 - 2010 $ 286,000).
  • There are currently 50 Condominium Listings available for sale in Esquimalt and with the reported 5 sales in the past month at current inventory and sales inventory, there is 10 months of inventory. 
  • As such the Esquimalt Condominium Market appears to be showing some signs of recovering  and could be in a  balanced market place within the next few months. If the inventory continues to decline for the next few months we can speak of a trend towards a balanced market, ta this time it would appear that averaged and higher end condominium Prices are likely in need of some downward adjustment still to start seeing a sustained recovery.
  • If you hope to buy a Condominium at the lowest price in Esquimalt (and possibly for other core areas in Greater Victoria), this area will possibly offer some seriously excellent options. 
  • It appears that we are nearing the possible recovery of the Esquimalt Condominium market over the next few months.

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.


 Esquimalt Real Estate Activity  for September   2010

Esquimalt Active Condominium Listings Statistics For September 2010

See clarification for abbreviations at the bottom of this post.

Esquimalt Condo Listings Sept 2010

 Esquimalt Condominium  Sales Activity September 2010 and Market Comparison 2009 vs 2010

Esquimalt 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

 

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