Oak Bay 2008 - 2012 Historical Real Estate Market Trends.
Peter and Linda Pfann, are Realtors assisting Oak Bay and Greater Victoria bound clients from down the block or from across the globe with buying, selling, investing and retiring in and around Greater Victoria, BC Canada since 1986.
We are pleased to provide you with the Historical Oak Bay Market Trend Statistics for 2 specific property types.
Oak BaySingle Family Homes
- Oak Bay Condominiums (suites), Town-Homes and 1/2 Duplexes
The Neighbourhoods and Areas forming Oak Bay included in this report are:
Estevan, Gonzales, Henderson, North Oak Bay, South Oak Bay and Uplands.
The data below is very area specific information, however we would not suggest to use this information to establish the value of any one property, as there just too many details that can and often will affect the value of a property. If you are considering your real estate options, please do not hesitate to contact us.
For many the use of Historical Market Trends offers the proper perspective to analyze long term trends in any market place and determine how secure and safe guarded a long term real estate investment will be in any location.
The Oak Bay Historical Real Estate Market Trend Graphs below indicate the following:
- Oak BaySingle Family Home Average Prices (Values) Came close to $ 1,000,000 by the end of 2010, and have since seen a modest decline to approx. $ 920,000 by the end of 2011.
- The Number of Oak BaySingle Family Homes Sold, saw a significant drop during 2010, and has a continued to soften modestly during 2011, while prices remained more or less unchanged.
- Oak BayCondominiums (suites), Town-Homes and 1/2 Duplexes Prices (values) have seen a relatively steep increase since 2010. With only 250 listings sold over the 4 years of the sample, the Oak Bay market is easily influenced by the sales of suites in one or two new developments
- The Number of Oak Bay Condominiums (suites), Town-Homes and 1/2 Duplexes Sold between 2010 and the end of 2011 is a bit of a jo-jo, and seems to be influenced by the introduction and pre-sales of one highly anticipated development (Oak Bay Marina/Hotel) although there are still more strata properties sold than in 2008.
As to drawing possible conclusions for the Oak BayReal Estate Market from these historical real estate market results :
- It would appear that the Single Family Home Market in Oak Bay with modestly declining sales price levels and continued decline in the Number of Sales, Oab Bays Single Faimily Home market will likely balance the market over the coming year to 18 months. This should caution Sellers to prepare, present and price their property accordingly unless dramatic external issues changes the typical progression)
- As To Oak BayCondominiums (suites), Town-Homes and 1/2 Duplexes, the story is entirely different..... With the relatively sharp increase in the number of sales in Oak Bay since 2010, while prices have continued to increase, one could conclude (for Buyers) that prices are likely to continue to increase over the next 12 - 24 months. For Oak Bay Buyers, it seems to be very important to use timing (buy sooner rather than later) to your advantage as todays values for Condominiums represent the best value in the Oak Bay market today.
Oak Bay Single Family Homes Historical Real
Estate Market Trends 2008 to 2012
Oak Bay Condominiums, Town-Homes, & 1/2
Duplexes Historical Real Estate Market Trends 2008 to
- Free Property Information if Are You considering Buying, or Investing in Saanich Real Estate?
- What is My Oak Bay Home Worth?
- Current Greater Victoria Real Estate Board Statistical Reports (courtesy VREB)
- Oak Bay BC, Resources (jobs, schools, health care, relocation, properties).
- Getting to know Oak Bay BC.
- Greater Victoria Community and Real Estate Resources
On our Live interactive map you will see some of the current Victoria properties for sale (this is just a snapshot and not intended to be a complete inventory). For a more complete available homes for sale index, we offer our Free Properties Search Services