City of Victoria 2008 - 2012 Historical Real Estate Market Trends.

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

City Of Victoria

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 DuplexesCity Of Victoria


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.

Victoria BC Inner Harbour

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 Historical Real estate Market Trends 2008 - 2012

 City of Victoria Condominiums, Town-Homes, & 1/2 Duplexes Historical Real Estate Market Trends 2008 to 2012

City of Victoria Historical Real estate Market Trends 2008 - 2012


 

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

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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Show All Comments
Rainer
308,768
Kim Carlson 480-993-9384
www.NowSellingAZHomes.com - Mesa, AZ
Valley of the Sun Realtor, Seller Specialist

Wow! What a beautiful area. 

Feb 25, 2012 12:59 AM #1
Ambassador
560,502
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 Kim,

Welcome to the Rain, and yes, The City of Victoria is Amazing and worthy of at least a few visits, so on your next travels please have a pfanntastic time in Victoria

Feb 25, 2012 01:17 AM #2
Rainmaker
1,356,001
Li Read
Sea to Sky Premier Properties (Salt Spring) - Salt Spring Island, BC
Caring expertise...knowledge for you!

Valuable information, here...appreciated, Pfanns!

Feb 25, 2012 02:16 AM #3
Ambassador
560,502
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 Li,

thank you for the encouragment, we try to keep the market trend information as simple as possible as it is hard to draw indications from it to predict the future for the Victoria Real Estate Market.

Feb 25, 2012 02:24 AM #4
Ambassador
1,242,835
Joni Bailey
101 Main St. Realty - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

There was a lot of work put into this market report. Your readers have got to LOVE you two!!

Feb 25, 2012 12:33 PM #5
Rainer
138,087
Scott Whitwam, APREP, ABR, SFR, ASD,CDPD ,Designated Broker Mesa AZ
Allison James Estates & Homes - Mesa, AZ

Another great post. Great picture of the Victoria harbor. Reminds me of coming in from Port Angeles on the Black Ball Ferry and seeing the Empress Hotel. Anyone visiting Victoria while looking for homes needs to at least visit the Empress Hotel...

Feb 25, 2012 01:05 PM #6
Ambassador
560,502
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 Joni,

Thank you, you are too kind, we try to offer as much information as possible Victoria for the benefit of our readers

Hi Scott,

So true, even for us residents we enjoy a stroll thru the hallways and have tea at the Empress.

Feb 25, 2012 01:18 PM #7
Rainmaker
1,037,169
Kathy Clulow
RE/MAX All-Stars Realty Inc. Brokerage - Uxbridge, ON
Trusted For Experience - Respected For Results

Peter and Linda - interesting to note that the average sale price for condo's dipped in the last year while single family homes continued to climb

Feb 26, 2012 12:09 PM #8
Ambassador
560,502
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 Kathy,

The trends between condo's and single family homes seem to be moving in oposite directions in most of our areas-

 

Feb 26, 2012 01:10 PM #9
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Peter Pfann @ eXp Realty Pfanntastic Properties in Victoria, Since 1986.

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