MAY 2012 REAL ESTATE MARKET IS PICKING UP IN GREATER VICTORIA
June 1, 2012
The trend for the last several
months has continued in May. After a
slight drop in sales and prices we see the opposite. It is easy to draw a straight line through
the middle of it all over the last several months.
VICTORIA, BC-Consumers are showing
confidence in the Greater Victoria real estate market, evidenced by a spike of
71 residential sales in May 2012 over the previous month. "During the last
two or three months, we’ve seen many potential buyers out looking," says
Carol Crabb, President of the Victoria Real Estate Board. "During May,
they made their decisions. This shows there is good selection on the market, as
well as good value."
The average price for single family
homes sold in Greater Victoria last month was $622,387, a jump over April’s
average of $609,376. Excluding previous months’ sales of over $4 million, the
median has returned to $534,250.
"Last month we told you that
homebuyers were researching their purchases by working with home inspectors,
mortgage professionals and REALTORS®," Crabb says. "Now they are
moving forward, which is often reflected in a spring market, even though it’s
not feeling very spring-like."
Total MLS® sales for May 2012 were
659, with 636 of those residential, compared to 572 and 544 respectively for
the same period in 2011, and 586 and 565 last month. We ended May 2012 with
5,015 active listings.
Summary
Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
I was wondering if the purchase market was going to keep up with the furnished rental market.
Last fall the demand landscape for furnished corporate rentals changed significantly with 3 major government contracts going to local and outsourced corporations. These companies brought in over the last year scores of executives and their families to be housed in furnished upscale accommodations. Private condos in the Humboldt valley, downtown Victoria and James Bay were instantly filled with not the typical 3 month short term stay but one year and some two year!
This is unprecedented for Victoria so as of April this year high demand continues and now exceeds supply.
Rental rates are up by 25% on average and still climbing as more people flock to Victoria for work, play or relocating permanently. This boom in demand for furnished housing continues to push prices upward.
I wonder if the investment market might now see fit to buy units to convert to corporate stays. I was also curious if this wave would spill over in the sales of real estate as well.
I work as a broker in the furnished rental business and now instead of chasing leads to fill vacancies I am chasing vacancies to fill demand. I have a wait list of people wanting to get into furnished housing.
Life is good.
Helena
downtownfurnishedrentals.com
Posted by: Helena Looby | 06/03/2012 at 10:09 AM