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West-Shore, Single Family Homes Real Estate Market 2011 Year in Review

West-Shore, Single Family Homes Real Estate Market 2011 Year in Review  West-Shore, Single Family Homes Real Estate Market 2011 Year in Review  
The West-Shore  (also called The Western Communities) is Located Just West of Saanich,  and Victoria, and contains View Royal, The Highlands, Langford, Colwood, Methchosin, and Sooke, most of Greater Victoria's New Single Family homes are constructed in the West-Shore.


 West-Shore, Single Family Homes Real Estate Market 2011 Year in Review
Reviewing Single Family Home Market Activity on the  West-Shore for 2011:

  • 2011 shows Colwood and View Royal with Fewer Listings compared to 2010.
  • With 95 fewer sales in the Western Communities, only Metchosin saw an increase in the number of sales compared to 2010.
  • In 2011 it took 12 days Longer on average  to sell a house in the Western Communities, with only Metchosin selling faster than in 2010. All in all the homes that are selling are doing so in approx. 2 months.
  • Listing to sales ratio (how many of the listings actually sell) dropped from to a little more than 36%, this clearly is the biggest challenge for the Western Communities.
  • In the Western Communities, New Home Construction is the highest compared to most other Greater Victoria Communities, and as such impacts the inventory levels and the with that the relative competitiveness of properties in the Market.

West-Shore, Single Family Homes Real Estate Market 2011 Year in Review

Reviewing Single Family Home Market Value Activity for the Wes-Shore for 2011:

  • Both Median and Average Prices Declined by  4.75 % and 7.8 % respectively in The Western Communities, making homes more affordable.
  • Once again only Metchosin saw average Sales Prices increase in 2011.
  • The spread between Asking Price and actual Sale Price Ratio has increased by  a very modest 1.1 %.
  • In General in The Highlands, Metchosin and other smaller communities with fewer sales Averages and Medians tend to be more impacted by a few extreme sales or events and as such a bit more caution needs to be taken in drawing conclusions from the data provided.



 

Here is a link to the Victoria Real Estate Board Statistical Reports, published every month.

 

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Peter Pfann,

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Text or Talk To Peter @: (1) 250 - 213 - 9490  

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Pfanntastic Properties in Victoria, BC, Canada, @ Fair  Realty Since 1986.

Regional office: 1540 Fort St Victoria, BC V8S 5J2

 

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