Victoria West BC, Single Family Home Market Update September 2010

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

Victoria West

 

Victoria West BC,  Single Family Home 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 to just about anywhere, 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. To learn more about Vic West, we encourage you to visit the community pages of our website at www.pfanntastic.com

The Victoria Real Estate Market in general is continuing to be soft to moderate. The Victoria West Single Family Home 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 Single Family Home information provided for the real estate market activity over the past month;

  • Sales of Single Family Home in Vic West continue to be very slow with only 1 sale compared with 2 sales last year during the same month. 
  • Year to date for 2010 there have been 24 single family home sales compared to 29 for the same period during 2009 for a decline of 5 sales or approx 18%
  • With only one sale during the past month the month over month average is not reliable at all. and as such we can not make offer any conclusion about it other than that the one sale was for $ 390,000
  • Six month average sale prices of Single Family Homes in Vic West remain relatively stable at approx. @ 4%  ($ 16,000) higher than 6 month average sales prices during 2009. (2009 $ 435,000 vs 2010 $ 451,000)
  • Again with only sale, September's median price point becomes a unreliable comparison.
  • With 9 Single Family Homes currently for sale in Vic West and only 1 sales for the past month there is  9 months worth of inventory, which indicates that the Victoria West  Single Family Home Market conditions continue to be 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 10 months 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.  
  • With the comparatively limited total number of single family homes in Vic West,  the single family market conditions can and often are affected very quickly and dramatically by a few sales.

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.


Single Family Home Real Estate Activity in Victoria West for September 2010

Victoria West  Single Family Home Active Listings Statistics For September 2010 

See clarification for abbreviations at the bottom of this post.

 

Victoria West  Single Family Home Sales Activity for September 2010 and Market Comparison  2009 vs 2010

Vic West single family homes sold 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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Rainmaker
334,102
Ty Lacroix
Envelope Real Estate Brokerage Inc - London, ON

Peter and Linda, I hope the market picks up, and good that the area is becoming vibrant again

Ty

Oct 05, 2010 10:24 AM #1
Rainmaker
1,037,169
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Peter and Linda - balanced markets are good for everyone ..... perhaps the best time to buy as stability enters the market when it is balanced.

Oct 05, 2010 11:08 AM #2
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 Ty,

Thanks for your comments of support,  we are alive and kicking and our market will rebound as always, I am sure.

Hi Kathy.

thanks for your comments,  we are seeing signs of improvment and vic west is a very small part of Victoria, with relatively few single family homes...

Happy selling

Oct 05, 2010 12:02 PM #3
Rainmaker
525,616
Steven Nickens
Wailea Realty - Wailea, HI
R(S)GRI ABR, Maui Real Estate Hawaii

Peter,

From what I can tell talking to a lot of your countrymen on Maui, your ecomony is in a lot better shape than the U.S.  Good luck selling.

Oct 08, 2010 11:40 AM #4
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 Steven, We are in okay shape, and yes compared to the USA, our economy is better, but always room for improvement.

Live is good in paradise (at least our part of it) how about yours?

Happy Selling

Oct 08, 2010 11:59 AM #5
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