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2014 VIREB Real Estate Stats
04-11-2014, 04:59 PM, (This post was last modified: 04-11-2014, 05:05 PM by Skook.)
#2
RE: 2014 VIREB Real Estate Stats
VIREB - March 2014 Sales Stats:

March total sales stats (all types) for the VIREB market are showing a lot of green on a month to month basis in 2014. March’s total sales also bettered both March 2013 and March 2012; however, the total still remains below March 2011 totals and substantially below March 2010. The pattern is repeated for year-to-date sales on a year-over-year basis.

[Image: attachment.php?aid=879]

The Market Statistics table above looks at the last five months for the Board overall (all areas combined). I will let you go through it on your own; however, I do think it is worth pointing out Active Listings have been in the negative for all five months compared to the same months in 2013. So, if demand is up and supply is low (or lower) then we should see prices rising and that certainly seems to be the case with Single Family Homes over the last five months.

Here is what the VIREB had to say about March 2014 Single Family Home sales in its press release included in the stats package:

Quote:Sales activity across the Vancouver Island housing market area continued its marginal trend upward for the month of March.
A total of 357 single-family homes sold on the MLS® system in the VIREB coverage area in March 2014. This represents a 27% increase over the 281 sales recorded both last month, and last year at this time.

According to BCREA chief economist, Cameron Muir, although unit-sales seem strong, it is important to compare these figures to the ten-year average to gain a more accurate picture of market trends. “When comparing unit-sales over a longer period of time, we are actually down 12.6 per cent from the ten-year average, but it is encouraging to see the market moving in the right direction.”

That -12.6% drop in SFH unit sales from the ten-year average is obviously significant; but, another reason for the Board to be cautious over the 2014 sales to date is the pattern seen in 2013 sales. There were only 6 month’s showing positive sales compared to the previous month and most of those positive results occurred in the early part of year with May being the peak month for sales and it was downhill after that.

[Image: attachment.php?aid=880]

The next two rows of tables offers SFH stats in the major VIREB market areas. We can see that the average sales price dropped in 3 areas compared to the previous month and the median price dropped in 4 areas compared to February. The Benchmark price (said to denote trends) dropped in three areas compared to February and these drops would certainly warrant caution within those particular market areas.

[Image: attachment.php?aid=881]

Looking at the sales-to-listing ratio over the whole VIREB market, we can see that the 2014 year-to-date figure is 8% points above a “buyer’s market” (under 35%). This is an increase of 4% over February’s year-to-date ratio (38%) indicating the pace of sales is more than keeping up with the pace of new listings.

Here are the SFH Sales by Price Range data. This covers the whole VIREB area and includes waterfront properties. The chart shows that the majority of sales are occurring in the $0 to $400,000 range accounting for ⅔ of SFH sales.

[Image: attachment.php?aid=882]

It is important to note that each of the major markets within the VIREB breakdown these sales ranges differently:

Campbell River: majority of sales occurring in the $200,001 to $350,000 price range.
Comox Valley: in the $250,001 to $300,500 range.
Duncan: in the $200,001 to $350,000 range.
Nanaimo: in the $200,001 to $450,000 range.
Parksville/Qualicum: in the $200,001 to $450,000 and $500,001 to $600,000 ranges.
Port Alberni: $0 to $200,250 range.
North Island: $0 to $200,000 range.

This sales-by-price range data is not included in the VIREB month stats package. However, you can obtain from the Coast Realty Group stats webpage.

The charts below illustrate the pace of new monthly listings, listing totals and sales for both Single Family Homes and Lots since 2012.

[Image: attachment.php?aid=883]

I will add single family waterfront sales data when it becomes available.


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Messages In This Thread
2014 VIREB Real Estate Stats - by Skook - 03-16-2014, 11:33 AM
RE: 2014 VIREB Real Estate Stats - by Skook - 04-11-2014, 04:59 PM
RE: 2014 VIREB Real Estate Stats - by Skook - 04-18-2014, 08:22 AM
RE: 2014 VIREB Real Estate Stats - by Skook - 08-10-2014, 11:04 AM
RE: 2014 VIREB Real Estate Stats - by Skook - 08-10-2014, 03:42 PM
RE: 2014 VIREB Real Estate Stats - by Skook - 08-22-2014, 12:16 PM
RE: 2014 VIREB Real Estate Stats - by Skook - 12-09-2014, 09:58 AM
RE: 2014 VIREB Real Estate Stats - by Skook - 12-09-2014, 01:41 PM
RE: 2014 VIREB Real Estate Stats - by Skook - 12-11-2014, 10:57 AM

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