Oak Bay Real Estate Market 3 Year Review 2009 - 2011 YTD.
Oak Bay is considered one of the most desirable communities within the Greater Victoria Region and offers a unique and Romantic Village atmosphere with many tree lined streets, smaller homes in some areas and substantial estates in others.
A quick review of the past few years in single family homes activities in Oak Bay offers a bit of insight in the stability and continued interest in this wonderful part of Greater Victoria.
We have compiled some additional resources aboutOak Bay for those that are interested, right here
|Year||List Price Average||Average Sale Price||List to Sale Price %||# of Listings||# of Sales||Absorption %|
|2009||$ 1,164,974||$ 839,439||76.23%||988||261||26.41%|
|2010||$ 1,250,452||$ 938,916||77.45%||1,005||232||23.82%|
|2011 ytd||$ 1,202,825||$ 909,173||77.06%||693||161||23.12%|
As the table indicates, prices, sales and abosorption are seeing a slight adjustment for Oak Bay for 2011, but not so much that it should give any potential home seller any real concern. While it would appear to give serious home buyers some indication that those that are motivated to sell, will likely have a bit of negotiation room to offer.
There are however some other significant observations:
- The Average List to Sale Price ratio for the Core Communities in Greater Victoria (Victoria, Oak Bay, Esquimalt, View Royal and Saanich) is substantially better at 80 to 88% during the same 2+ year period. This larger than anormal spread is indicating that properties priced over the magical "Comfort Zone" are not only having much more competition in the entire region, the prices offered are substantially lower than their asking prices
- The Absorption Ratio for Oak Bay compared to the same Victoria Core Communities indicates that although Oak Bay is not the highest absorbing area around it has been very stable, where the combined Victoria Core Communities, have dropped off fairly substantially in the past few years from a high of over 33% in 2009 to just over 20% year to date in 2011.
- Oak Bay saw a price increase of approx. 12% between 2009 and 2010, however in 2011, sales prices have dropped by about 3% from the 2010 prices year to date.
- Additional recent real estate market and community information about Oak Bay can be found here
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