Market Profile
2011: A year of restabilization
October 2011: In 2011, for a snapshot in time, we are seeing the market in transition from the peak years of 2006-2007 through the softened years of 2008-2009 and the slight upswing of 2010. With high inventory, small shifts in pricing and slightly slower sales, we are now shifting toward a phase of steady new growth that I foresee for 2012 and beyond.
Stabilization is underway, and already some price increases in August 2011. Single family homes have maintained an average sale price above $600,000 this year. There is ample inventory (peaking at a 15-year high in July 2011).
This are statistics from the Victoria Real Estate Board for 2011 (peaks shown in red):
| 2011 | Greater Victoria Average SFD Sale Price (current month) | Greater Victoria 6-month average | # of MLS Residential Sales (current month) | Inventory: Greater Victoria MLS Properties for Sale (at month-end) | Focus on Oak Bay incl. Uplands, (current month) |
| Jan. | $603,401 | $619,875 | 318 | (to come) | $785,243 |
| Feb. | $610,975 | $623,389 | 467 | 3,714 | $816,243 |
| Mar. | $619,275 | $625,992 | 608 | (to come) | $877,968 |
| Apr. | $615,533 | $621,412 | 540 | (to come) | $880,133 |
| May | $628,462 | $620,488 | 544 | 4,857 | $912,319 |
| June | $629,292 | $619,568 | 596 | 5,050 | $889,084 |
| July | $581,117 | $615,439 | 496 | 5,094 | $862,345 |
| Aug. | $652,841 | $621,960 | 542 | 4,944 | $1,116,175 |
| Sept. | $622,393 | $622,519 | 436 | 4,940 | $962,871 |
| Oct. | |||||
| Nov. | |||||
| Dec. |
Current housing price summaries on the Victoria Real Estate Board website.