Posted on
April 3, 2017
by
Rosemarie Colterman
Victoria Real Estate Market Continues Trend of Low Inventory, High Demand
April 2, 2017 - A total of 929 properties sold in the Victoria Real Estate Board region this March, 17.1 per cent fewer than the 1,121 properties sold in March last year.
"We predicted early in the year that we wouldn't see a continuation of the record sales numbers that we saw in 2016," says 2017 Board President Ara Balabanian. "However, we are still in a very active market, as evidenced by the fact that this is second highest March on record if you remove that record breaking 2016 data. We saw nearly 200 more transactions last month than March 2015, when 734 properties sold."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2016 was $663,300. The benchmark value for the same home in March 2017 has increased by 19.1 per cent to $790,100.
Inventory levels edged lower, with 1,556 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2017, 40.6 per cent fewer than the 2,618 active listings for sale at the end of March 2016.
"The public and REALTORS® are getting used to the new tempo of the market - with the ongoing historically low inventory levels and high consumer demand - both parties need to be tenacious and have quick reflexes. Sellers need to ensure they have assistance from an experienced local Realtor to help understand current demand and pricing. Even in this market, properties can sit unsold for months without selling because of an inappropriate price," adds President Balabanian. "We do think we will see a more balanced market in the future as more inventory becomes available. Traditionally, people prefer to list their home when gardens and outdoor areas can be shown to their best advantage. Hopefully, as our warmer weather arrives we will see more listings added into the market to offer more choice for buyers."
Posted on
April 2, 2017
by
Rosemarie Colterman
Island Parent has a new publication, "Island Parent Biz" - an introduction to "Unique Local Businesses and Services", and we are in it! We are also listed in this month's Island Parent Magazine.
Check out the new magazine and see our ad on page 4 at:
Posted on
March 9, 2017
by
Rosemarie Colterman
Thank you to my wonderful friends and clients who made this possible, Rosemarie
Posted on
March 8, 2017
by
Rosemarie Colterman
#306-1485 Garnet Road
Listed at $164,500
MLS#374938
Rosebank Gardens, YOUR BEST NEXT MOVE! - 55+ Independent Living. Suite 306 offers a spacious, sensible floor plan, skylight, in-suite full kitchen with double sink, open eastward views from the private balcony over a schoolyard/field, and a large in-suite storage room. Rosebank Gardens is a safe, independent living, community offering a shared lounge/dining room, guest suite, 24 hour staffing / security, coin-free laundry room across the hall from 306, activity room & First Alert response. The optional service package, $340/m for singles & $555/m for couples, provides weekly housekeeping and a daily 4 course meal. Enjoy the landscaped grounds in a quiet, convenient setting close to shopping and transportation. Small pets welcome!
Posted on
March 8, 2017
by
Rosemarie Colterman
36123 Galleon Way
Listed at $195,000
MLS#374875
| Leap into the Lake! Here's your opportunity to own a fabulous, elevated, 0.33 acre, lakefront building lot, on the sunny, South side of Buck Lake, Pender Island, BC. Lakefront use is exclusively for property owners around the lake. This is the primary water reservoir for the local area, so the water is clean and clear. There are even some trout to catch! Properties like this seldom come available in the Southern Gulf Islands. Located within walking distance to beach access in beautiful Shingle Bay and spectacular hiking trails in the Gulf Islands National Park Reserve. Municipal connections for sewer, water, hydro & cable available at the lot line! Let the dream begin! |
Posted on
March 8, 2017
by
Rosemarie Colterman
#313-3133 Tillicum Road
Listed at $189,000
MLS#374854
| All Measurements need to be verified if important to the Buyer. Independent living in superb location with bus nearby; across from Tillicum Shopping Centre, Silver City Movie Theatre and most amenities. Very lovely, bright unit in a 55+ building with separate storage. Beautifully maintained complex offers a large social area for socializing, reading room, workshop, suite to rent for guests, wide hallways, spacious entrance, wheel chair access., controlled entry. This suite is currently tenanted. |
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Posted on
March 7, 2017
by
Rosemarie Colterman
We're showing off our latest Magazine Ad soon to be published in the new "Business Publication" by Island Parent.
If you haven't met them already, introducing our three beautiful daughters; Nicolia, Rhea and Alexis!:
Posted on
March 1, 2017
by
Rosemarie Colterman
March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year.
"Last month we discussed how 2017 won't match 2016 in terms of huge sales numbers, due to many factors including the present lack of inventory," says 2017 Board President Ara Balabanian. "In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. It is also possible that our market may have been restrained over the course of the month due to something that is completely normal in many Canadian markets - the snow fall in the Victoria area certainly cancelled many open houses and may have put a damper on sales."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,332 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Posted on
February 7, 2017
by
Rosemarie Colterman
I did it! I drove across town one way to pick up keys and then had to drive across town the other way to deliver the keys plus housewarming gifts to my excited and happy buyers who have been waiting to move into their new home today!!! I saw many cars spinning out of control on my journey there and back, but I made it!!! It was so worth it!
Posted on
February 1, 2017
by
Rosemarie Colterman
Victoria Real Estate Market Starts the Year with Fewer Listings and Above Average Activity
February 1, 2017 - A total of 478 properties sold in the Victoria Real Estate Board region this January, 11.3 per cent fewer than the 539 properties sold in January last year.
Inventory levels edged lower, with 1,516 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2017, 38.6 per cent fewer than the 2,471 active listings at the end of January 2016.
"The numbers we saw last year are not the new normal. We know that we are not going to see sales volumes this year that meet or beat last year's record breaking numbers," notes 2017 Board President Ara Balabanian. "When compared to the month of January's ten year average, which is 384 transactions, sales in January 2017 are nearly 25 per cent higher than average. The least active January we saw in the past ten years was in 2009 with 247 sales, and the most active was last year."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2016 was $616,700. The benchmark value for the same home in January 2017 has increased by 24.4 per cent to $767,000.
"It's early in the year to make predictions," adds President Balabanian. "Over the last few decades, the historic cycle in Victoria is longer periods of stable activity and price followed by a rapid rise in activity and property values over a relatively short period of time. The coming months will provide us with a better idea of where we are in this cycle."
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