Greater Victoria “Strata Property” Market Activity Review For 2011.

By
Real Estate Agent with 1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com
http://actvra.in/rKh

Greater Victoria “Strata Property”  Market Activity Review For 2011.
(Condominiums, Town-Homes & ½ Duplexes).


Greater Victoria “Strata Property”  Market Activity Review For 2011.Communities Included in this Greater Victoria Strata Property 2011 Year in Review Include:

 Central Saanich, Colwood, Esquimalt, Langford, North Saanich, Oak Bay, Saanich East, Saanich West,

Sidney, Sooke, Victoria, Victoria West, View Royal,
Not Included are (due to insufficient data):
Metchosin and  The Highlands.

  Greater Victoria “Strata Property”  Market Activity Review For 2011.
Greater Victoria Strata Property Listings Review 2011:

  • 224 More overall Strata Property Listings during the year, With 3+ bedroom inventory increasing the most.
  • Esquimalt, Sidney and Saanich West with the largest overall increases.
  • Victoria West with (by far) the biggest decline in Inventory.
  • Where as Langford and Victoria West saw the biggest reduction in 2 bedroom suites.
  • An overall inventory increase of slightly more than 4 % is encouraging based on the amount of inventory we have seen in previous years.

Greater Victoria “Strata Property”  Market Activity Review For 2011.

Greater Victoria Strata Property Sales Review 2011 :

  • The Total Number of Sales was down 215 from 2010 (8.9%).
  • 2 and 3+ bedroom suites sales represented the reduction in sales where 1 bedroom suites sales actually increased.
  • Sidney, View Royal and Central Saanich saw sales increase from 2010.
  • Langford had the largest decline number suites sold by 27.7% to 254.

 

Greater Victoria “Strata Property”  Market Activity Review For 2011.

 


Greater Victoria Strata Property Listings to Sales Review 2011 :

  • List to Sales Ratio’s, Reviews how many of the listings actually sell.
  • This method offers some insight in to the absorption and demand for the property types reviewed.
  • List to Sales Ratio lower than approx. 35 % for a representative sample (more than 5 % of the market place) would be considered a very slow Market and very much a Buyers Market.
  • List to Sales Ratio between approx. 35 % and 65 % are considered a Balanced and Moderate Market Place.
  • List to Sales Ratio over approx. 65% would be considered a very active Market and Would be referred to as a Sellers Market.
  • In General For Strata Properties in Greater Victoria we are seeing a Balanced Market with increased inventory a few interesting property segments, for example 3+ bedroom Demand in Sidney, Oak Bay and Central Saanich.

Greater Victoria “Strata Property”  Market Activity Review For 2011.

Greater Victoria Strata Property Sales Prices Review 2011 :

  • When reviewing the sales prices in General one would almost think that there was really not a lot of price changes, until one reviews the various communities and the property types.
  • The 2 bedroom segment (the most popular by the number of sales) saw their average prices increase by $ 13,777, but included in that group is an average sales price increase in Oak Bay by $ 149,987 (Based on 36 sales) while both Sooke and Central Saanich saw significant sales price drops in the same 2 bedroom average sale prices.

Greater Victoria “Strata Property”  Market Activity Review For 2011.

Greater Victoria Strata Property Sales to List Price Ratio Review 2011:

  • The final List Price to Sales Price Ratio indicated the negotiating room that buyers and sellers agree on actual sales….
  • This shows the eagerness and or motivation between buyers and sellers and the willingness to make deals by them.
  • The Larger the spread, the weaker the market is and should tell Sellers that buyers are not paying top dollar.
  • The closer the ratio is to 100% the more motivated buyers are to make a deal and the more likely it is for sellers to get their price.
  • With final list to sale price ratio’s within 4 % of the asking price we seem to be at or near balanced in the market between buyers and sellers of Strata Properties in Greater Victoria.

Greater Victoria “Strata Property”  Market Activity Review For 2011.

Greater Victoria Strata Property Days on the Market Review 2011

  • The fewer days a property remains on the market until sold, indicates the strength and confidence buyers have that it is the right time to buy.
  • It also shows that pricing, presentation and condition of the properties sold was at par or better with the competition, and buyers felt that they where receiving great value with their purchase.
  • In Greater Victoria Days on the Market is also used to indicate what type of market we are in (provided a representative sample is used)
  • Less than 35 Days on the Market Indicates a Sellers Market
  • 35 to 75 days on the Market indicates a Balanced Market
  • More than 75 Days on the Market Indicates a Buyers Market
  • In Reviewing Greater Victoria Strata Properties for 2011, We are (for the most part) in a Balanced Market

 

 

Here is a link to the Victoria Real Estate Board Statistical Reports, published every month.

 

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We call it: Victoria Homes Now, 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.
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Topic:
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British Columbia Capital Area Victoria Greater Victoria
Groups:
Canadian Market Reports
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Vancouver Island Real Estate Agents
Tags:
greater victoria
strata property
condominium
townhome
duplex
saanich
victoria
oak bay
esquimalt
market activity review for 2011

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Joni Staples
Berkshire Hathaway Home Services - Anderson Properties - Huntsville, TX
Your Huntsville / Lake Livingston Area REALTOR®

Wowzers! This market report took some TIME to put together. Your are has to adore you! Peter and Linda give PFANNtastic service! It's clear as a bell!

Jan 22, 2012 10:34 PM #1
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William Johnson
RE/MAX Associates - San Diego, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE

Hi Peter and Linda, This is simply a Pfanntastic market report. I studied this for a while and it is really comprehensive. Your market area which is actually quite sizeable must really appreciate this kind of detail. Well done!

Jan 22, 2012 10:40 PM #2
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Peter Pfann @ 1 Percent Realty Victoria, and Pay-Less For Victoria Real Estate Results!
1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com - Victoria, BC
Talk To Peter 250-213-9490 www.pay-lessrealty.com

Hi Joni,

This is possibly the largest Market Review Report we have created, and we apologize for the size, but with 50 % of the Greater Victoria Market place consisting of Condominiums and Town-Homes, we tried to keep the information easy to read, and we will also include a video later this week.

Jan 22, 2012 10:43 PM #3
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Peter Pfann @ 1 Percent Realty Victoria, and Pay-Less For Victoria Real Estate Results!
1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com - Victoria, BC
Talk To Peter 250-213-9490 www.pay-lessrealty.com

HI William,

Thank you very much for your compliment, Greater Victoria is a large Geographic area, with many communities and they are all a little different, but in total our population is only about 350,000.

Jan 22, 2012 10:45 PM #4
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Mike Martin
(909) 476-9600 ~ www.WeLoveFontana.com - Fontana, CA
The TCR Group - Keller Williams Realty

Thanks for sharing the market report information for your Community...Always interested on how things are moving in other communities.

Jan 22, 2012 10:55 PM #5
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Peter Pfann @ 1 Percent Realty Victoria, and Pay-Less For Victoria Real Estate Results!
1 PERCENT REALTY, Victoria BC www.1percentrealtyvictoria.com - Victoria, BC
Talk To Peter 250-213-9490 www.pay-lessrealty.com

HI Maike,

Thanks for the feedback and visiting, our Greater Victoria Strata Property market is about half of all our sales so it is a very important component of our Market place.

 

Jan 22, 2012 11:46 PM #6
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