Greater Victoria Single Family Homes 10 Year Average List to Sale Price Comparison 2002-2012
|Greater Victoria Single Family Homes|
|Primary Year||Original Price, Average||Sale Price, Average|
For The Past 10 years in Greater Victoria Real Estate we have seen a bit of a pricing and sales volume roller coaster, so we thought it might be interesting to have a look at the actual results and analyze some of the information.
The First thing that stands out is off course comparing the starting and most recent list and sale prices with average list prices increasing by almost $ 300,000 over ten years, while average sales price increased nearly $ 244,000.
What also stands out to me is that although average sale prices have more or less steadily declined slightly since 2010, average list prices have increased since 2011, which seems odd, and is resulting in in a huge amount of inventory remaining unsold.
As far as Average Sale Prices in Greater Victoria for Single Family Homes, we are now at average price which are only slightly above 2008, meaning that if you bought a single family home between 2008 and 2012, (unless you personally improved the home) it is unlikely that the value of your property will have increased at all. This may be important, if you are to re-finance your mortgage over the next 12 months. For those that are due for refinancing over the next 12 to 24 months, please remember that the mortgage laws have been changed by CMHC and these changes are likely to have impact on you, so we urge you to seek advise from your mortgage broker or lender, or Talk / Text To Peter, and we will gladly point you in the right direction.
Within the Greater Victoria Region, there are communities that are bucking the trends and averages, so please if you need information about your property or community, please let us provide you with personalized and property specific information that you can use to establish your best real estate strategy.
Over the next days we will be posting similar information for the various communities and property types, so please stay tuned or Talk to Peter at 250 213 9490.
One More observation, if you are in the market to buy a home, between the lower prices and the amazingly low interest rates, there is likely no better time to buy over the next years than right now (specially if you do not need to sell, or have already sold a property in order to raise your down-payment).