Victoria Market Watch

Market Much Unchanged

Stable in November

December 1, 2011

Real estate sales activity remained steady throughout Greater Victoria last month with a total of 482 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from 483 sales in October. There were 479 sales in November of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the continued stability in sales is indicative of a balanced and healthy market, "We were pleased to see that sales last month were higher than in November of last year and showed little change from October. Looking forward, we anticipate continued stability as we move into 2012." Fimrite noted that there was some variability in prices last month, depending on property type, "It’s important to look at price changes over several months to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month." He added that that there were 11 single family home sales of over $1 million in November including one for over $6 million in Oak Bay.

Fimrite added that the number of properties available for sale eased last month to 4,329 compared to 4,687 at the end of October. "Inventory levels remained 16 per cent higher than a year ago but have fallen back from a peak of over 5,000 seen earlier this year."

The average price for single-family homes sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October. The median price also declined to $530,000 while the six-month average declined to $613,259. The overall average price for condominiums last month was $320,558, up from $307,329 in October. The median price for condominiums in November also increased to $296,000 while the average for the last six months declined slightly to $321,941. The average price of all townhomes sold last month was $380,675 compared to $428,040 in October. The median price declined to $360,000 while the six month average declined to $425,095.

MLS® sales last month included 293 single family homes, 104 condominiums, 48 townhomes and 10 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

 

Time To Think Outside Your Carport

As a kid I can remember a plethora of comic books about flying machines.  Machines that gave individuals the opportunity to just take flight like a bird and zip across town.  There have been Utopian flying contraptions conceived regularly since the 19th century.  Always highly theoretical but enticing nonetheless. 

For years scientists have conjured up prototypes that would fit the bill.  Some fit better than others.  Now a group out of MIT has put their mind to making a car you can park in your garage and drive to the local airport before taking to the air.  While it is easy to remain skeptical (we have been promised such vehicles for decades) this prototype has 100 on reserve from customers and believe it will be available a year from now. 

Imagine flying to Vernon for the weekend, landing at the local airport, folding up your wings and driving to your motel.  Check this out.  It might be coming to a carport near you.

http://www.ted.com/talks/anna_mracek_dietrich_a_plane_you_can_drive.html

Fall Market Picks Up Slightly

With all the doom in gloom in the papers regarding world economies, the local market appears stable with a slight increase in activity.  A positive reading for the Victoria market.

November 1, 2011

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, "It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year." Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. "There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000," noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands.

Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. "The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September."

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from $622,393 in September. However, the median price increased to $539,750 while the six-month average decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000 while the average for the last six months declined to $323,039. The average price of all townhomes sold last month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six month average declined to $438,167.

MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

 

Watch For The Warning Signs

Occasionally dramatic events change our lives, but most changes happen almost imperceptibly.  Examples are everywhere we look and they never cease to amaze me. 

Couch potatoes.  We all know some.  They spend as much of their free time lying down watching TV as they can arrange.  Some I know fall asleep watching the boob tube.    Many of these were once extremely active and played every sport they were introduced to, willingly.  How did this transformation happen?  Was it an edict from a celestial source?  I doubt it.  Their behaviour changed  s l o w l y  over time and what once would have been perceived as a despicable approach to life becomes routine.

No more classic an example is when you meet someone, often but not exclusively male, who has an almost normal figure for their age but has built up over the years one huge belly.  Not just a pot belly, a hardware store full.  This person, you are almost certain, was once 17 or 23 and out there raking leaves and likely looking as trim and fit as the rake in their hands.  Cases of glandular malfunction or severe physical trauma do exist, but do not cover most we see.  Was there a point, one wonders, when this person examined themselves in the mirror and noticed an inch of waist that wasn’t there a month earlier?  Has this person developed the knack of ignoring mirrors altogether?  It appears people find mechanisms that allow various aspects of personal depreciation and forget to watch for the warning signs that, compiled over the years, result in a non-requested state of being.

If you drive your car until the oil warning light comes on it has likely already resulted in some damage, but at least with a car there is non-negotiable evidence that change is occurring.  Barring a similar universally adopted medical implant for humans, and with the likely event that evolution in this regard will maintain its dogged pace, I suppose that leaves us all in the awkward position of being responsible for observing our own individual warning signs.  A sign, perhaps, of the times.

September's Market

Real Estate Sales Ease in September
Outlook for Balance of 2011 Remains Stable

October 3, 2011

This month’s report follows the trend we have seen over the last several months.  While prices bump up and down from month to month, overall stability remains the order of the day.

Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.

Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. "There has been some softening in activity over the last year with sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year." Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.

Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. "The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August."

The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August. The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900. The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 while the six month average increased slightly to $447,127.

MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Tankless Hot Water ? ? ?

Why Consider a Tankless Hot Water System?

 Water heating accounts for 20-25% of an average household's annual energy expenditures. The yearly operating costs for conventional gas or electric storage tank water heaters average $200 to $800, respectively.  Most tankless models have a life expectancy as long as 15 to 20 years. In contrast, storage tank water heaters last 5 to 15 years. Most tankless models have easily replaceable parts that can extend their life by many years more.  These systems have been common in Japan and Europe for years, but are gaining attention now in North America.  Tankless systems are more expensive to install than traditional tank systems, but substantial B.C. and Federal grants are available and vary from year to year.

 About Tankless Water Heaters

The main advantage of these instantaneous water heaters vs. storage is tank-less design, continuous flow and endless supply, less energy consumption (up to 30-40% when comparing it to tank-type heaters), therefore more savings for you and no worry about running out of hot water during showers.

Comparing tankless water heaters with storage heaters that are heating water even when you are away or not using it, tankless hot water heaters work only when you open the hot tap.

On demand water heaters can use gas or electricity. The size of the instant water heaters you need depends on demand, how big your house is and the family size. Some manufacturers offer a multi-system set-up that can link many heaters into one system, to satisfy demand even for the largest houses.

Majority of these units are whole house tankless hot water heaters, as they have higher GPM flow rate capacity, so they handle demand for more than one application at a time.

How Tankless Water Heaters Work

There are some tankless heaters where heating element is controlled by the flow-sensing device that operates with a constant heat input and maximum flow rate. Flow rate depends on the pressure which can be adjusted on the knob.

If there is a request for maximum flow, the outgoing water toward the hot water tap is cooler since it spends less time passing through the heat exchanger.

Modern tankless models are using the latest technology where the output temperature, flow, safety and other parameters are controlled and regulated by the electronic circuit board.

 When you open the hot water tap a flow sensor in the tankless hot water heater sends the signal to the electronic module. From there signal goes to the gas valve to open the gas flow.

If all the requirements are met, natural gas or propane flows into the burner located inside the combustion chamber. The gas is ignited either by the pilot flame or spark from the electrode.

Burning gas heats the heat exchanger where incoming cold water is quickly heated to the pre set and desired temperature. The heat exchanger transfers the heat from the burner to the water heating instantaneously. A vent pipe vents products of combustion out using the direct vent or powered vent system.

Once the faucet is turned off, the flow stops and flame goes out. As it can be seen from the above explanation tankless water heaters heat the water on demand, while providing you with an endless supply of hot water. You can see them often installed on the wall.

Tankless Water Heaters Reviews by fuel source:

Electric tankless hot water heaters have a compact design, saving you lots of space. They have a long service life as they are less prone to hard water and sediments. You can choose point-of-use or whole-house water heaters. Electric tankless water heaters don't produce greenhouse gases. Top selling brands in North America are Bosch PowerStar, Titan, Stiebel and Eemax.

Gas tankless hot water heaters are environmental friendly appliances also. Many of them utilize advanced technology for energy efficiency, and meet strict emission standards. They can use natural gas or propane - LP. Gas tankless water heaters produce higher flow rates than electric ones.

Tankless hot water heaters can be further divided into two categories; one that can only work as on/off and the other with modulation.

Instantaneous water heaters with modulation, base the heat output on the flow. For example if the demand for hot water is higher, modulating gas valve provides more gas and the final result is more power. 

 

The following video (American—but very succinct) give a clear notion of how the system works.

http://www.youtube.com/watch?v=blMZAdjKD2M&feature=player_

Are We Coddled Or Confident?

If there’s one thing that clearly demarcates the generations, it is standards.  More specifically, what  people often bemoan as the lack of them.

One of my sons is currently a bank manager with TD.  He says there is a line up for a good part of every Sunday, indicating there is a public desire for such service, and yet this corporate decision is not popular with everyone.  For some, Sunday is sacrosanct and is meant to be a day of rest.  When I opened my first bank account years ago, one had to figure out how to pay a visit Monday through Friday from 9:00 until 3:00.  It wasn’t easy.  Maybe there was a tendency to spend less.

I remember when stores started opening on Sundays.  What seemed sad to me at the time was Sunday was the one time when you could count on getting together with 90% of your friends or family.  Now everyone works at the strangest of times.  Now we have a Thriftys opened 24 hours a day, something that occurred in California thirty years ago. 

Now we find that Generation Y is stirring up trouble on Canadian university campuses.  A Times Colonist article suggests they’re not demonstrating against war, fighting for equal rights or trying to reform university administration. Rather, they’re demanding better marks than they deserve, slighting professors and reading junk.

That’s the view of two professors who have written a book called Campus Confidential: 100 startling things you don’t know about Canadian universities. (James Lorimer & Co., 245 pages).

 “Every generation claims that the next one has been coddled and spoiled, but it really may be true this time,” writes Ken S. Coates, arts dean at the University of Waterloo in Ontario, and Bill Morrison, history professor emeritus at the University of Northern B.C. in Prince George. “Something new and nasty is going on with university students these days, and there’s more trouble in store.”

The authors blame societal permissiveness, child-centred educational and parenting styles, overwhelming materialism, video games, sexualized media and the guilt of two-income families. It’s not all bad, the authors write, because these new students are also more assertive and more confident than previous generations and not intimidated by professors or any adults.

Society has changed a lot in recent years and the pace does not appear to be slowing down.  What is interesting is that when change occurs there is always a backlash, and yet five or ten years down the road many of the changes that take place seem commonsense.  Seatbelts, drunk driving, organic foods,  automobile fuel efficiency and non-smoking zones come to mind. 

Not all change is good but change will change.  Striking a balance between “coddled and spoiled” and “assertive and confident” is always fascinating to watch.

August More Active

Real Estate Sales Strengthen in August Enhancing Market Stability

September 1, 2011

A similar pattern has developed.  July activity slower, August bounces back.  This has been the story for the last six months suggesting our market is indeed very stable.

Real estate sales activity picked up throughout Greater Victoria last month with a total of 542 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 523 sales in July. There were 425 sales in August of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that the increase in market activity is positive news: "The increase in sales reflects ongoing stability in the market. Although there was some modest increase in overall prices in August it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop. Higher priced sales in particular can have a significant impact on overall average prices." Fimrite noted that there were 25 single family home sales of over $1 million in August including one in Oak Bay and one in North Saanich at over $3 million each.

Fimrite added that the number of properties available for sale declined at the end of last month with inventory levels currently 13 per cent higher than a year ago. "The available choice for buyers has been at record highs in recent months but the number of properties available for sale dipped below 5,000 last month to 4,944 compared to 5,094 at the end of July."

The average price for single-family homes sold in Greater Victoria last month was $652,841, up from $581,117 in July. The median price also increased to $547,000 while the six-month average increased to $621,960. The overall average price for condominiums last month was $339,047, up from $315,371 in July. The average for the last six months increased to $329,951. However, the median price for condominiums in August declined to $271,500. The average price of all townhomes sold last month increased to $437,079 from $412,178 in July. The median price also increased to $416,700 while the six month average also increased to $446,135.

MLS® sales last month included 307 single family homes, 128 condominiums, 68 townhomes and 15 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Victoria Prices Slip Slightly

High Inventory And Slow Sales Translate To Slight Price Reductions

August 2, 2011

A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.

Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. "In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. "The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June." Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. "A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage," added Fimrite.

The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands. The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000. The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 while the six month average declined to $443,341.

MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Simple as 1, 2, 3

Every found yourself saying to someone:  “Third time lucky!” (?)  Ever wonder why you might have said it?  In our culture the number Three reigns supreme.

We most often say:  “One, two, Three, Go!”  It would be possible to imagine an elementary sports day where the kids are lined up for the sack race and the teacher yells:  “One, two, Three, four, five, six, seven, Go!”  In our culture, waiting for Three seems long enough.

Three has strong historical roots.  Three Graces (Roman myth) were followers of Venus.  In Greek culture they were referred to as the Three Charities.  Celtic art is preoccupied with figures of Three, Three heads and heads with Three faces.  In Christian religion we have the Father, the Son and the Holy Ghost.  On the 3^rd day Jesus rose from the dead, and in his lifetime, he raised Three people from the dead.  God’s attributes are said to be omniscience, omnipresence and omnipotence.  When we look around the world we live in it appears, at times, that wise men are rare.  Having said that, it is hard to believe in biblical times there were only Three Wise Men!

Our children study their A,B,C’s.  They sing about “Three Blind Mice” and read about The Three Little Pigs, the Three Bears,(bears never have twins?)  Three Billy Goats Gruff and The Three Musketeers, then go outside and practice the Three-legged Race.  When they fall asleep at night they dream of a fairy granting them Three Wishes. 

The number Three plays into many of our choices.  Thought, Word and Deed sum up human capability.  Play twenty questions and we wonder about Animal, Mineral and Vegetable.  We think in terms of Past, Present and Future, Body, Mind and Spirit, and Art, Science and Religion.   Holy Trinity!  There are Three Feet in a yard and Three Miles in a league.  Shakespeare used Three Witches in Macbeth, though there may have been a labour shortage at that time. 

Sports does not escape the number Three in our culture.  In rugby, the #3 is given to the starting tight end prop and Three points are awarded for a drop kick.  In North American football, Three points are awarded for a field goal.  In baseball (and often in life) we all know Three strikes and you’re out when attempting to reach one of Three bases.  Three consecutive strikes in bowling is called a turkey.  Tennis balls are sold in Threes.  Major tennis and volleyball matches are the first to Three.  Hockey has Three periods and Three zones and a hat trick describes someone who scores Three goals.  A sports dynasty is a description of a team capable of a Three-peet! 

A fancy dresser wears a Three-piece suit and Three is the most common number used to hook up VCR’s and video games.  Interesting choice.

Three is an important commodity in our culture.  There are as many shades of meaning emanating from the number Three as there are colours spawned from the Three Primary Colours.  Well, at least Three.

Market Slightly More Vigorous

Real Estate Sales Rise in June

July 4, 2011

A total of 618 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 572 sales in May and very close to the 625 sales in June of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity has returned to comparable levels of a year ago. "Overall sales so far this year are down 21 per cent compared to a year ago. It’s important to note, however, that the first few months of last year were very active compared to this year and we are now seeing a return to similar market conditions of a year ago."

Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently seven per cent higher than a year ago. "The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June - the highest monthly level in 15 years." Fimrite add that there were 4,857 properties available for sale at the end of May.

The average price for single-family homes sold in Greater Victoria last month was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June. The overall average price for condominiums last month was $320,172, down from $328,345 in May. The average for the last six months rose to $329,402. The median price for condominiums in June also rose to $300,000. The average price of all townhomes sold last month declined to $444,768 from $466,845 in May. The median price also declined to $399,000 while the six month average rose to $448,159.

MLS® sales last month included 348 single family homes, 177 condominiums, 62 townhomes and nine manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Make Your Next House A Garbage House

Make Your Next House A Garbage House

The trash you throw away today may just turn into your future home, if the concept behind the Bitublock takes off. Designed by engineer John Forth, of the University of Leeds in England, the blocks are produced with a mixture of waste materials, including crushed glass, pulverized fuel ash, incinerated sewage, steel slag, and other waste products that would normally wind up in landfills or, worse, wherever they happen to be discarded. Further, less energy is required to make the Bitublocks than is needed for concrete. These products are bound together by bitumen, (a byproduct of crude oil distillation used widely in road construction), before compacting it in a mould to form a solid block. Next the block is heat-cured, which oxidizes the bitumen so it hardens like concrete. This makes it possible to use a higher proportion of waste in the Bitublock than by using a cement or clay binder.

In the UK alone, Bitublock could put to good use the yearly estimated 490,000 tons of crushed glass and 550,000 tons of incinerator ash. The aim is to completely replace concrete as a structural material, Dr Forth says. Plus the amount of energy required and new material needed to create it. Not only eco-friendly, according to the research he has conducted, (in conjunction with civil engineering colleague Dong Van Dao), the block is as much as six times stronger than concrete when hardened. “Bitublocks use up to 100% waste materials and avoids sending them to landfill, which is quite unheard of in the building industry,’’ Dr Forth says.

This innovative project, funded by the Engineering and Physical Sciences Research Council, is being carried out in partnership with Dr Salah Zoorob from the University of Nottingham. Their work could be on the market within three to five years, and there is enormous commercial interest.

This invention would revolutionize the building industry, providing a sustainable, low-energy option for construction. “Bitublocks provide an ideal opportunity for the utilization of many waste materials,’’ Dr Forth says in his research. “The combination of different wastes has an effect on the overall performance and properties of the block. The different properties highlight the flexibility of the new unit to match different practical requirements.’’

They come out black as in the picture but can be painted any colour.  "Holy Crap" has a whole new meaning!

 

Canuck Fever

Unless you have been held hostage in a dank basement for the last six weeks you have  succumbed to Canuck Fever or miraculously found a way to escape this deadly disease.  The forty year drought has caused more meetings to be changed in the last week than my wife has changed her shoe apparel.  Is there a cure for this malady?

                Sure there is.  I only watch cricket.  I cheer for the Maple Leafs.  One of these might work.  Otherwise, you’re likely to surrender.

                Forty years is a long time.  The last time the Canucks made it to the finals we had a bottle of champagne ready to celebrate but it never got uncorked.  Champagne has a shelf life so here’s hoping for a better fate this year. 

                Some are true Canuck fans and many others are along for the ride.  
Welcome.  Everyone likes to be associated with a winner.  A friend of mine from South Africa watches when things get close like they are now.  He tells me he notices the mood of people in general is a clear reflection of how the Canucks are making out on the ice.  While we are all aware that our Prime Minister is a Calgary Flames fan, he is astute enough to route for the Canucks now.  Important political move.  What other country do you know of would you see the leader of the country buy tickets and sit in the crowd in Boston?  There’s something endearing about Canadians, isn’t there?  No sport captures the psyche of Canadians like hockey and the Olympics were clear evidence of that.

                So, come Monday (or Wednesday) when you are undoubtedly going to be watching this spectacle that has captured the province, win or lose, you will be part of a moment that defines part of our history.  Where were you when President Kennedy was shot?  may soon be replaced with What were you up to when the Canucks finally won the Stanley Cup?  If not, at least some of us have President Kennedy to fall back on.

                NOTE:  If you think there is any doubt the twins are identical, view this 10 second video:

http://cdn3.sbnation.com/fan_shot_images/94448/twins.gif

 

June Market Less Than Vigorous

Real Estate Sales Steady in May

June 1, 2011

Not a lot of change in Victoria.  Lots of inventory for Buyers.  Patience required for Sellers.

The number of property sales throughout Greater Victoria in May showed little change compared to April while overall prices showed some softening. A total of 572 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), virtually unchanged from the 574 sales in April. There were 695 sales in May of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity so far this year is considerably slower than in the same period a year ago, "Sales so far this year are running nearly 21 per cent behind last year’s levels. It’s important to remember, however, that the first six months of last year were very active and sales activity subsequently slowed considerably over the summer and into the fall."

Fimrite added that the number of properties available for sale continued to increase at the end of last month which is typical for this time of year. "There is plenty of choice now on the market for buyers with 4,857 properties available for sale at the end of May - up from 4,561 properties available at the end of April. Inventory levels are currently seven per cent higher than a year ago." Fimrite noted that while overall market conditions remain balanced, it’s important for sellers to price their homes realistically to attract attention from buyers.

The average price for single-family homes sold in Greater Victoria last month was $628,462, up from $615,533 in April. The median price, however, declined slightly to $553,000 while the six-month average also declined slightly to $620,488. There were 26 single family home sales of over $1 million in May including one on the Gulf Islands. There were three sales in Oak Bay and one sale in Saanich West of over $2 million. The overall average price for condominiums last month was $328,345, down from $353,858 in April. The average for the last six months declined to $327,757. The median price for condominiums in May declined to $294,000. The average price of all townhomes sold last month declined to $466,845 from $480,621 in April. The median price also declined to $432,332 while the six month average rose to $447,581.

MLS® sales last month included 353 single family homes, 123 condominiums, 51 townhomes and 17 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs