May 2019 Westside Market Update

Posted on Jun 06, 2019 in Market Update

The supply of Westside detached homes in May was 727, down 1.4% from 737 in April and down 15% compared to 850 in May 2018.  
Westside detached home sales this May increased 36% from April (83 v 61) and were down 7% compared to 89 sales in May 2018. Sales are down 50% from the 10 year May average of 165 sales. 
Months of Supply, (MOS) was down 28% fr...

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Money Laundering Hurting Homebuyers

Posted on May 13, 2019

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Apr 2019 Westside Market Update

Posted on May 07, 2019 in Market Update

The supply of Westside detached homes in April was 737, up 9.5% from 684 in March and down 2.4% compared to 684 in April 2018.  
Westside detached home sales this April remained unchanged from March (61 v 62) and were down 10% compared to 66 sales in April 2018. Sales are down 61% from the 10 year April average of 157 sales.
Months of Supply, (MOS) w...

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Mar 2019 Westside Market Update

Posted on Apr 07, 2019 in Market Update

The supply of Westside detached homes in March was 684, down 4% from 713 in February and down 11% compared to 772 in March 2018. 

Westside detached home sales this March were up 44% from February (62 from 43) and up 17% compared to 53 sales in March 2018. But even though March sales are up from last month and last year, they are still down 61% from t...

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Jan 2019 Westside Market Update

Posted on Feb 09, 2019 in Market Update

The supply of Westside detached homes in January is unchanged from December (652) and up 6% compared to January 2018. Westside detached home sales (demand) this January were down 6% from December (34 from 32) and down 23% compared to 44 sales in January 2018. January sales are down 61% from the 10 year January average of 87 sales.
Months of Supply...

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Greater Victoria Cooling Trends Continue

Posted on Feb 09, 2019

Greater Victoria real estate continues cooling trend

For every month in 2018, sales numbers in the capital region fell below the same month the previous year

Carla Wilson Times Colonist
February 4, 2019





Victoria
The number of Greater Victoria real estate sales dropped in January as the market continued to cool.
 
For every month in 2018, sales numbers fell below t...

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The highest sales price for a Westside detached home in November was $15.5M in Point Grey. The lowest sales price was $1.5M in Dunbar. 

Compared to 68 sales in November 2016, detached home sales were up 19% to 81 in November 2017. Of those sales, 17 received the asking price or more and 64 sold below the asking price. November 2017 supply increased 39% to 738 homes from 530 in November 2016.
 
No. of SalesNov 2016Nov 2017
% Change
Detached 
68
81
19%
Attached
44
42
-4.5%
Apartments
296
380
28.4%

Compared to October 2017, November detached west side home sales, decreased 24% from 106 to 81 while Months of Supply (MOS) increased to 9.1, from 7.3. Prices finally showed the drop we were expecting, down 13%, from $4.54M to $3.93M on average while median prices decreased 13% from $3.8M to $3.30M. 

Average/Median
Price		Nov 2016
Nov 2017 % Change
Detached (M)   
$3.96/$3.4
$3.9/$3.3
-1.5%/-3%
Attached (M)
$1.28/$1.17
$1.43/$1.36
12%/16%
Apartment (K)$851/$663$986/$780   16%/18%
  
November Westside apartments supply & demand both decreased very little leaving MOS down to 1.8 vs 1.9 in October. Median prices are down 5% from $818K to $780K while average prices are down 2% from $1004K to $987K. Overall, prices have been quite flat since April 2017.
 
Townhouse supply in November is up 2% from 159 in October to 162, while demand is down 22% from 54 to 42 units in November. This gives us 3.9 MOS, up 34% from 2.9 MOS in October. This resulted in prices decreasing 3% on median from $1.399M to $1.360M and 8% on average from $1.56M in October to $1.436.

Mths of SupplyNov 2016Nov 2017
% Change
Detached
7.8
9.1
-6%
Attached
2.9
3.9
-44%
Apartments
2.7
1.8
-37%

Detached home price reductions are creating a good buying opportunities. Apartment and townhouse prices remain stable and reflect strong demand and continued short supply. 

Price range Detached
No. sales  Nov
2016       2017
% sales
2016       2017
$<3M
26             34
38%     42%   
$3M-$5M
28             2942%      36%
$5M-$10M
11             16
  16%      20%   
>$10M3             24%          2%
Total
68           81
      100          

Government regulations both here and in China continue to make it difficult for foreign buyers to bring money here to purchase real estate and that is which creating opportunities for local buyers. Interest rates, currency exchange and lending restrictions will continue to be dampen sales. 
 
We are currently in a buyers market for detached homes.

Click on the link at the top right for Westside Graphs.
 
Please call me at any time for a considered response to any and all of your real estate questions.

Merry Christmas and all the best for 2018!

Best regards,

Stuart