VREB - 2013 Sales Data (Greater Victoria REB)

[Skook]

September 2013 Sales Stats:

I would like to remind visitors viewing these stats of something I wrote in my first post:

Quote:In its monthly stats, the VREB includes single family waterfront sales in its ‘Greater Victoria’ and ‘Other Areas’ totals. As a result, the average price for single family homes sales is skewed upwards. Therefore, I have separated the data into two groups, SFH Non-waterfront sales and SFH Waterfront Sales.

In other words, the Board separates out ‘waterfront’ sales and lists them as a separate entity for ‘Greater Victoria’ and for ‘Other Areas’. In Greater Victoria, there were 12 waterfront properties sold for a combined Average Sales Price of $1,050,782. The inclusion of these properties gave an Average Sales Price for Greater Victoria Single Family Homes sales of $605,736; however, when I removed these WF properties the Average Sales Price dropped to $563,049. When I removed the ‘WF’ sales (7) from ‘Other Areas’, the Average Sale Price went from $439,663 to $369,019.

I think you will agree that these Average Sale Price differences are significant which is why the Board loves to include the waterfront properties in its calculations. So, I handle these properties separately and then bring them back into the overall total sales later.

Here, then, are the Single Family Home September sales by area, followed by the Total Sales Chart and the table showing Total 2013 Sales by Month.

Next are the SFH Non-Waterfront and Waterfront sales by month. This month, I changed the placement order and applied a colour to make them easier to differentiate (green - non waterfront, blue - waterfront).

Here is the Year-over-Year and Year-to-Date Sales and the bottom table combines the non-waterfront, waterfront for a Total Sales comparison. We can see that Total YTD sales are up +4% compared to the same period last year; however, if you go back and look at the 2013 Sales by Month table the VREB has now experienced 4 straight months of negative sales meaning the growth in sales compared to 2012 came in the first four months of 2013 and it has been a steady decline ever since. If this slide continues into October, then YTD sales may well turn negative compared to 2012.

Finally, here are the VREB charts showing Active Listings, New Listings and Sales; as well as, Average Sale Prices for SFH, Condominiums and Townhomes.