Victoria Market Price Analysis 2011

By
Real Estate Agent with One Percent Realty Vancouver Island

The number that most people will seize on from 2011, in the most recent press release from the Victoria Real Estate Board, is the average price of a single family home dropping fromm $647,063 in December 2010 to $592,582 in December 2011. 

This seemed like a pretty big spread so we need to look a little further into these numbers.

After excluding the gulf islands and the Malahat and up island areas that had listings on our Board's service we find that the Greater Victoria Average Price in December 2010 was closer to $642,000 and in December 2011 was $600,000.  A little bit better.  But if we go further still and look at the average price from all of 2010 and the average price from all of 2011, without breaking it out monthly, we find that the 2010 average price is $641,739 and the 2011 average price is $626,328.  Not that big a spread anymore.

When you factor in that fact that the number of sales in Greater Victoria in each price range shifted significantly out of the 600k-800k price range into the 400k-600k price range, (see charts below), you start to get a feel for what the market was doing and where it is going.  Most new inventory in the single family home market is in the "value"  sector, namely developments in the westshore, with lower price points than most other single family homes.  So while the "average" price may have dropped a few points it seems reasonably safe to say that "average" values remain quite stable across most market sectors.

The upshot, statistics are fun and easy to throw around, but what the numbers actually mean usually lies much deeper than the memorable quote or headline.

Remember, real estate markets aren't just local, they're hyper local - if you really want to know what the value of your home is, or one you may be looking at it, call on us to apply our expert analysis to your situation, after all I highly doubt that you're any sort of an average person yourself!

2011 Sales Single Family Detached

Sold Price

Sales, Number of
$0 - 200 16
$200 - 300 66
$300 - 400 387
$400 - 500 819
$500 - 600 769
$600 - 700 495
$700 - 800 302
$800 - 900 186
$900 - 1,000 73
$1,000 - 1,250 94
$1,250 - 1,500 40
$1,500+ 68

 

2010 Sales Single Family Detached

Sold PriceSales, Number of
$0 - 200 8
$200 - 300 48
$300 - 400 321
$400 - 500 776
$500 - 600 889
$600 - 700 633
$700 - 800 328
$800 - 900 167
$900 - 1,000 75
$1,000 - 1,250 96
$1,250 - 1,500 48
$1,500+ 79

 

data courtesy of VREB

Posted by

David Langlois - One Percent Realty Vancouver Island.- (250) 858-5575 direct 
www.victoriacityrealestate.com  David@sellwithonepercent.com.com  www.sellwithonepercent.com -

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