VICTORIA BC - REALTORS® across Vancouver Island are experiencing a "wait and see" attitude amongst buyers and sellers alike. The result? Prices remain steady but sales numbers are down in some categories.
Total MLS® residential sales for September 2012 were 400 compared to 435 in September 2011. During the month, 216 single family homes sold throughout the Victoria Real Estate Board's region, just 28 fewer than the 244 sold in September 2011. The average price for single family homes sold in Greater Victoria last month was $589,361, down from September 2011's average of $622,393. The median price is down by $16,500 to $517,500 over September 2011. There are 5,025 active listings.
"We are at a bit of a standoff in the Greater Victoria real estate market," says Carol Crabb, President of the Victoria Real Estate Board. "Buyers are waiting for prices to go down, but there are no economic indicators to show that will happen. Sellers are pricing their properties reasonably for the current market, which is reflected by the fact that single family homes are selling for an average 96% of list price and the average days on market remains 64.
"The median price of a single family home is only 1.5% lower than last year and that number has held steady for the last five months," Crabb says. "Interest rates are also holding, but should they increase by as little as 1%, that would negate a 10% drop in purchase price. People shouldn't wait for prices to drop, because we never know when interest rates will be increased to stimulate the economy."
Condominium and manufactured home sales are virtually unchanged over September 2011 (approximately 1% each), while townhomes sales have declined 10%.
Total Waterfront Single Family Dwellings sold: 18, up 7 sales from 2011
Total Non-waterfront Single Family Dwellings sold: 198, down 35 sales from September 2011
Single Family Dwellings sold over $1 million: 14 (0 over $2 million)
Stats Quick Reference
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
From the Victoria Real Estate Board, October 2012.