2695 replies to this topic

[MarkoJ]

 

Mon Aug 14, 2017 - 9:00am:

 

Aug Aug

2017 2016

Net Unconditional Sales: 322 883

New Listings: 431 1,120

Active Listings: 1,915 2,094

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[MarkoJ]

Mon Aug 21, 2017:

 

Aug Aug

2017 2016

Net Unconditional Sales: 483 883

New Listings: 676 1,120

Active Listings: 1,942 2,094

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[MarkoJ]

Mon Aug 28, 2017:

 

Aug Aug

2017 2016

Net Unconditional Sales: 644 883

New Listings: 911 1,120

Active Listings: 1,951 2,094

 

 

Please Note

 

Left Column: stats so far this month

Right Column: stats for the entire month from last year

[MarkoJ]

Victoria Real Estate Board

Fri Sep 1,  2017:

 

Aug Aug

2017 2016

Net Unconditional Sales: 736 883

New Listings: 1,035 1,120

Active Listings: 1,917 2,094

 

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year

[Nparker]

Sales down by nearly 17% from last August. Active listings at about 92% of 2016.

 

Any significant change in prices Marko?

[lanforod]

 

Victoria Real Estate Board

Fri Sep 1,  2017:

 

Aug Aug Aug Aug

2017 2016 2015 2014

Net Unconditional Sales: 736 883 741 609

New Listings: 1,035 1,120 952 904

Active Listings: 1,917 2,094 3,688 4,316

 

Please Note

 

Left Column: stats for the entire month from this year

Right Column: stats for the entire month from last year

 

 

 

Added in 2015 and 2014 above. Just remember last year was very record breaking. 2015 was also record breaking. We are tracking right about the same as 2015, in spite of nearly half the active listings.

[Nparker]

I think the real story is the dramatic drop (55%) in the active listings from just 3 years ago. Do we need any more evidence to support supply-demand economics and the inevitable effect on prices?

[VicHockeyFan]

Why should we assume though that rising real estate prices are just a bad thing? For those already in the market, they are great.

[lanforod]

Marko, are you tracking all these in Excel? Can you throw up some multi year graphs?

[Nparker]

Why should we assume though that rising real estate prices are just a bad thing? For those already in the market, they are great.

I suppose it all depends on one's perspective. I have no immediate intention of selling my condo, so as long as it doesn't create a dramatic jump in my property taxes I am un-phased when my annual assessment shows a significant jump up. Of course, if I were to sell and remain in Victoria this increase would be of little value if I wanted to purchase a similar property. I certainly appreciate the difficulty many have in trying to get into the local market and I am grateful I was able to purchase in an era when the ratio of income-to-price was more balanced.

[lanforod]

Sales down by nearly 17% from last August. Active listings at about 92% of 2016.

Any significant change in prices Marko?

Benchmark prices down 6k. First drop in 2 years.
http://www.timescolo...core-1.22369434

[Nparker]

Benchmark prices down 6k...

But overall prices are up from this time last year.

...The average selling price for a single family home in Greater Victoria was $831,883 in August, down 4.2 per cent compared to July 2017. However, the average selling price for a single family home in August was up by 10.5 per cent compared to the same month last year. For a condo, the average selling price was $414,637, up 23.1 per cent from the same month last year...The board says the benchmark value for a single family home in the Victoria area has increased by 10.8 per cent since last year...

https://www.cheknews...e-board-362085/

I am not going to panic just yet, especially since I own a condo.

[tjv]

Benchmark prices down 6k. First drop in 2 years.
http://www.timescolo...core-1.22369434

Interesting, but for the life of me where can you buy a single family house anywhere for 700k, and that's the average price.  Most houses seem to be over that amount which means there has to be a lot of houses priced well below 700k to get the average.

 

You can definitely see housing prices seem to be leveling off over these past few months as well

[Mike K.]

There's a lot of housing inventory below $700k. Most of Langford is well below $700k, Sooke, Colwood. There are homes for under $700k in View Royal and Esquimalt, and even in the City of Victoria.

[VicHockeyFan]

There are 4 houses listed under $1M in Oak Bay!  And 6 in James Bay.

 

Cheapest in JB:    $699 1bd 1ba 776 sq.ft. (+1100 unfinished) https://www.realtor....Columbia-V8V1J3

 

The listing says it's been in family for 30 years.  That's a long time to not finish it.  So close though!

 

Edited by VicHockeyFan, 03 September 2017 - 07:20 PM.

[Nparker]

Not many places can boast they have a bath-storage-pantry-3-season-porch.

[Bingo]

That 30 year old electric space heater is just waiting for all those boxes to fall on it and burn the place down. Also the sketchy light bulb just hanging our of a crack in the floor.

What would Sparky say?

 

  That's a long time to not finish it.  So close though!

 

Edited by Bingo, 04 September 2017 - 06:35 AM.

[tjv]

That 30 year old electric space heater is just waiting for all those boxes to fall on it and burn the place down. Also the sketchy light bulb just hanging our of a crack in the floor.

What would Sparky say?

But maybe that's the point?

 

I guess there are houses below 700k, but most of them look in pretty rough shape from what I have quickly seen

[MarkoJ]

But maybe that's the point?

 

I guess there are houses below 700k, but most of them look in pretty rough shape from what I have quickly seen

 

Under 700k in the core right now is really tough. Typically busy street or in need of updating. 

[tjv]

^It all seems to be out in the western communities and Sooke.  I think its pretty tough to get under 700k on the peninsula too