February 2012 Victoria Real Estate Market Reflects Consumer Confidence
The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.
February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes month over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a sixmonth average of $594,027, showing a corresponding decrease of 4.7% over February 2011.
“REALTORS® are reporting increased showings, especially since the Provincial budget announcements,” says Carol Crabb, President of the Victoria Real Estate Board. “Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.
“I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low”, Crabb says. “Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives.” With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.
248 Single Family Homes sold in February in the greater Victoria area, up from 174 sales in January. Average price $579,985 ($581,519 in Jan), Median $530,000 ($525,000 in Jan).
136 Condos sold in February, up from 191 in January. Average price $313,093 ($306,546 in Jan), Median $276,250 ($271,250 in Jan).
65 Townhouses sold in February, up from 41 in January. Average price $393,934 ($396,911 in Jan), Median $378,450 ($365,000 in Jan).
16 Manufactured Homes sold in February, up from 8 in January. AVerage price $118,056 ($103,375 in Jan), Median $112,500 ($105,000 in Jan).
3,977 total Active listings remaining at the end of February compared to 3,715 at the end of January.