Victoria Real Estate Starting To Move
We have certainly have had our ups and downs in the Victoria Real Estate market over the past 25 years. We think the market is starting to change again and there is now a lot more optimism amongst buyers and sellers. A recent article in The Times Colonist by Carla Wilson doing an interview with our managing broker Carol Geurts talks about just this. It reads:
Real estate activity starts to pick up. Broker says phone calls and offers have improved in the last three weeks
Interest in Greater Victoria real estate is picking up after the final quarter of 2008 saw declines in sales numbers and average prices for some types of housing, says a local real estate agency.
“We have seen positive improvement just in the last three weeks, in terms of phone calls [and] activity. I’m seeing more offers coming through the office,” said Carol Geurts, managing broker at Royal LePage Coast Capital Realty in Victoria.
“I’m sensing a lot of optimism. I’m certainly sensing that in first-time buyers.”
Incentives such as low mortgage interest rates will lead the real estate market to recover more quickly than originally anticipated, Geurts said yesterday.
She does not expect the market to rebound to its heated pace of recent years but said it “would be wonderful” if it returned to a more normal level.
Royal LePage’s national report on the real estate market, released yesterday, said that December brought drops in both sales and prices, as the global recession and shrinking employment numbers dampened consumer confidence.
The average price for a detached bungalow, typically one level and about 1,200 square feet, held steady in Victoria at $425,000 from the fourth quarter of 2007 to the fourth quarter of last year, the report said.
The national average in the fourth quarter of last year of $319,640, was down 4.8 per cent from the same quarter in 2007.
In Victoria, the average price of a standard two-storey house, of about 1,500 square feet on a smaller-sized lot, dropped five per cent to $433,000 when comparing the same quarters. The national average was down 6.3 per cent to $376,140, Royal LePage said.
In Victoria, a standard condominium was an average of $265,000 in the final quarter of last year, down 9.2 per cent for the same quarter in 2007. Nationally, a standard condo’s price slid by 5.2 per cent to $233,230 for the same time.
In the U.S., December delivered a surprise with higher-than-expected sales of existing homes, the National Association of Realtors announced yesterday.
Home sales climbed 6.5 per cent last month to a seasonally adjusted annual rate of 4.74 million, an increase from 4.45 million in November.
However, the national median price for all types of housing was $175,000 last month, down by 15.3 per cent compared with December 2007. End of Article. Carla Wilson can be reached at cjwilson@tc.canwest.com
If you are planning to purchase real estate in 2009, just let us know. Our team of professionals has the knowledge and know how. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave .
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Cheers, Bill
Properties in Victoria Professionalsâ„¢- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
