Oak Bay Real Estate Market 3 Year Review 2009 - 2011 YTD

By
Real Estate Sales Representative with eXp Realty, Victoria BC www.pfanntastic.com
https://activerain.com/droplet/knv

Oak Bay Real Estate Market 3 Year Review 2009 - 2011 YTDOak Bay Real Estate Market 3 year review.

Oak Bay is considered one of the most desirable communities within the Greater Victoria Region and offers a unique and Romantic Village atmosphere with many tree lined streets, smaller homes in some areas and substantial estates in others.

A quick review of the past few years in single family homes activities in Oak Bay offers a bit of insight in the stability and continued interest in this wonderful part of Greater Victoria.

We have compiled some additional resources aboutOak Bay for those that are interested, right here

Year List Price Average Average Sale Price List to Sale Price % # of Listings  # of Sales Absorption %
2009 $ 1,164,974 $ 839,439 76.23% 988 261 26.41%
2010 $ 1,250,452 $ 938,916 77.45% 1,005 232 23.82%
2011 ytd $ 1,202,825 $ 909,173 77.06% 693 161 23.12%


As the table indicates, prices, sales and abosorption are seeing a slight adjustment for Oak Bay for 2011, but not so much that it should give any McNeil Bay Oak Baypotential home seller any real concern. While it would appear to give serious home buyers some indication that those that are motivated to sell, will likely have a bit of negotiation room to offer.

There are however some other significant observations:

  • The Average List to Sale Price ratio for the Core Communities in Greater Victoria (Victoria, Oak Bay, Esquimalt, View Royal and Saanich) is substantially better at 80 to 88% during the same 2+ year period. This larger than anormal spread is indicating that properties priced over the magical "Comfort Zone" are not only having much more competition in the entire region, the prices offered are substantially lower than their asking prices
  • The Absorption Ratio for Oak Bay compared to the same Victoria Core Communities  indicates that although Oak Bay is not the highest absorbing area around it has been very stable, where the combined Victoria Core Communities, have dropped off fairly substantially in the past few years from a high of over 33% in 2009 to just over 20% year to date in 2011.
  • Oak Bay saw a price increase of approx. 12% between 2009 and 2010, however in 2011, sales prices have dropped by about 3% from the 2010 prices year to date.
  • Additional recent real estate market and community information about Oak Bay can be found here

 

Victoria Real Estate Market SnapshotPlanning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, includingnew listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!



 

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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
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Cal Yoder
Keller Williams Elite - Lititz, PA
Homes For Sale in Lancaster PA - 717.413.0744

It is interesting that the average sale price to list price is so substantially lower. I wonder why folks do not begin listing much lower?

Cal

Sep 28, 2011 11:00 PM #1
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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 Cal,

It does seem odd, but we are seeing the same thing with all higher priced real estate, in so far that the higher end does not seem to sell as much or as fast, and often will not sell at all during a 3-4 month term, and as such skews the average ratio's substantially

Sep 29, 2011 02:35 AM #2
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