Market Profile

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)
Jan. $603,401 $619,875 318 (to come) $785,243
Feb. $610,975 $623,389 467 3,714 $816,243
Mar. $619,275 $625,992 608 (to come) $877,968
Apr. $615,533 $621,412 540 (to come) $880,133
May $628,462 $620,488 544 4,857 $912,319
June $629,292 $619,568 596 5,050 $889,084
July $581,117 $615,439 496 5,094 $862,345
Aug. $652,841 $621,960 542 4,944 $1,116,175
Sept. $622,393 $622,519 436 4,940 $962,871
Oct.          
Nov.          
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Current housing price summaries on the Victoria Real Estate Board website.