2011: A year of restabilization
October 2011: In 2011, for a snapshot in time, we are seeing the market in transition from the peak years of 2006-2007 through the softened years of 2008-2009 and the slight upswing of 2010. With high inventory, small shifts in pricing and slightly slower sales, we are now shifting toward a phase of steady new growth that I foresee for 2012 and beyond.
Stabilization is underway, and already some price increases in August 2011. Single family homes have maintained an average sale price above $600,000 this year. There is ample inventory (peaking at a 15-year high in July 2011).
This are statistics from the Victoria Real Estate Board for 2011 (peaks shown in red):
|2011||Greater Victoria Average SFD Sale Price (current month)||Greater Victoria 6-month average||# of MLS Residential Sales (current month)||Inventory: Greater Victoria MLS Properties for Sale (at month-end)||Focus on Oak Bay incl. Uplands, (current month)|
Current housing price summaries on the Victoria Real Estate Board website.