City of Victoria 2008 - 2012 Historical Real Estate Market Trends.
Peter and Linda Pfann, are Realtors assisting Greater Victoria bound clients from down the block or from across the globe with buying, selling, investing and retiring in and around Greater Victoria, BC Canada since 1986.
We are pleased to provide you with the Historical City of Victoria Market Trend Statistics for 2 specific property types.
City Of Victoria Single Family Homes
- City of Victoria Condominiums (suites), Town-Homes and 1/2 Duplexes
The Neighbourhoods and Areas forming the City of Victoria included in this report are:
James Bay, Fairfield, Rockland, Downtown, Central Park, Fernwood, Jubilee, Oaklands, Hillside, Rock Bay, Mayfair, Burnside and Vic West.
The data below is very area specific information, however we would not suggest to use this information to establish the value of any one property, as there just too many details that can and often will affect the value of a property.
For many the use of Historical Market Trends offers the proper perspective to analyze long term trends in any market place and determine how secure and safe guarded a long term real estate investment will be in any location.
The City of Victoria Historical Real Estate Market Trend Graphs below indicate the following:
- City of Victoria Single Family Home Average Prices (Values) have nudged just over the $ 600,000 by 2010 and have since remained mostly unchanged.
- The Number of City of Victoria Single Family Homes Sold, saw a significant drop during 2010, and has a continued softening during 2011, while prices remained more or less unchanged.
- City of Victoria Condominiums (suites), Town-Homes and 1/2 Duplexes Prices (values) Spiked in 2010 and since have seen about ab 8% decline in prices, and it would apear that this decline in prices will continue for as long as the supply far exceeds the demand.
- The Number of City of Victoria Condominiums (suites), Town-Homes and 1/2 Duplexes Sold is still in a significant decline in the overall sales numbers from a high in 2009, although there are still strata properties sold than in 2008.
As to drawing possible conclusions for the City of Victoria Real Estate Market from these historical real estate market results :
- It would appear that the Single Family Home Market in City of Victoria is now at a price level that the Number of Sales is likely will balance the market over the coming year to 18 months. This is offering both Sellers and Buyers the confidence that buying or selling, it is unlikely that values and number of sales will dramatically changes for the next 12 to 24 months (unless dramatic external issues changes the typical progression)
- As To City of Victoria Condominiums (suites), Town-Homes and 1/2 Duplexes, the story is entirely different..... With the relatively sharp drop in the number of sales in City Of Victoria since 2009, while prices initially continued to increase, one could conclude (for Buyers) that prices are likely to continue to soften over the next 12 - 24 months. For Sellers, it would be very important to ensure that serious considerations is given to Pricing, presentation and marketing to ensure that your property is truly showing (to the fewer buyers) that it represents the best value in the market today.
City of Victoria Single Family Homes Historical Real Estate Market Trends 2008 to 2012
City of Victoria Condominiums, Town-Homes, & 1/2 Duplexes Historical Real Estate Market Trends 2008 to 2012
- Are You considering Buying, Investing in, Selling, Real Estate in Victoria BC? Please use our FREE Victoria BC, MLS Market Update Service.
- What is My City Of Victoria Home Worth?
- Current Greater Victoria Real Estate Board Statistical Reports (courtesy VREB)
- Victoria BC, Resources (jobs, schools, health care, relocation, properties).
- Getting to know Victoria BC.
- Greater Victoria Community and Real Estate Resources
On our Live interactive map you will see some of the current Victoria properties for sale (this is just a snapshot and not intended to be a complete inventory). For a more complete available homes for sale index, we offer our Free Properties Search Services