Victoria Market Update December 2018

Hi Everyone, 

Happy December!! The holiday season is quickly approaching. A wonderful time of year to slow down from our busy lives, and enjoy quality time with our family and friends. 

November was another busy month for Bobby Sparrow Real Estate. I sold 10 homes in November, totaling over $7.2 Million in sales for the month. Thank all for your tremendous support! I am so honored to help you, your friends and your family with all of their real estate needs.

As the holidays are now upon us, we can expect the market to really gear down now, before things will start to pick up again in spring 2019 for our highly anticipated, always busy, spring market. 

Please enjoy this months newsletter and thank you for your continued support.  

I am always happy to hear from you! 

Bobby Sparrow

The Victoria real estate market chills out for winter

A total of 498 properties sold in the Victoria Real Estate Board region this November, 25.8 per cent fewer than the 671 properties sold in November of last year and a 16.7 per cent decrease from October 2018. Sales of condominiums were down 30.9 per cent from last year in November with 152 units sold. Sales of single family homes were down 20.8 per cent from 2017 with 267 sold this November.
"We certainly anticipated a difference this year in terms of sales for November compared to last year," says Victoria Real Estate Board President Kyle Kerr. "This time last year, the government announced plans to change mortgage lending qualification rules and our market saw a rush of activity as buyers tried to beat that new lending criteria which was rolled out January first. Our ten-year average of units sold for the month of November is 515, which is likely a better comparison than to the unusual market conditions we saw last year."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2017 was $832,800, while the benchmark value for the same home in November 2018 increased by 3.9 per cent to $865,200, lower than October's value of $881,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2017 was $456,200, while the benchmark value for the same condominium in November 2018 increased by 9.7 per cent to $500,500, slightly less than October's value of $502,600.
There were a total of 2,343 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2018, an increase of 32.8 per cent compared to November 2017 but 6.7 per cent fewer than the month previous.
"Inventory continues to be low compared to historic averages," adds President Kerr. "The ten-year average for active inventory in November is 3,204, so although it has improved compared to last year, we are still low on choice for buyers. At the same time, waning demand has meant that there is less urgency in our market right now, which can benefit buyers and sellers. The market tends to naturally slow down in the winter, so I'd expect we will have a more balanced market heading into the new year."

Complete Stats Package -Click Here

*Latest Testimonial*

" Effective, knowledgeable and caring - Bobby Sparrow is a real estate pro! Bobby quickly sold my house in Saanich for top dollar and found me the perfect new home in Sidney at an affordable price. He guided me along the way, answering all of my questions/concerns, to ensure I was well informed. I now recommend Bobby to all my friends looking to buy or sell - since he is an excellent Realtor that can be trusted."

- Susan

2111 Nicklaus Drive - Bear Mountain - Victoria, BC
PRICE - $1,049,000

5 Bedroom, 4 Bathroom
4,029 Sq Ft.

More Info - Click Here

9-4318 Emily Carr Drive. - Broadmead - Victoria, BC
PRICE - $928,500

3 Bedroom, 3 Bathroom
2,425 Sq Ft.

More Info - Click Here

438 Heather St. - James Bay - Victoria, BC
SALE PRICE - $973,000

3 Bedroom, 3 Bathroom
1,481 Sq Ft.

More Info - Click Here

3-247 Government St. James Bay - Victoria, BC
SALE PRICE - $748,000

2 Bedroom, 2 Bathroom
1,214 Sq Ft.

More Info - Click Here

318 - 2871 Jacklin Rd. Langford, BC
SALE PRICE - $315,000

1 Bedroom, 1 Bathroom
681 Sq Ft.

More Info - Click Here

1734 Kisber Ave. Victoria, BC
SALE PRICE - $575,000

2 Bedroom, 1 Bathroom
1,059 Sq Ft.

More Info - Click Here

401-689 Bay St. Victoria, BC
SALE PRICE - $391,000

2 Bedroom, 2 Bathroom
956 Sq Ft.

More Info - Click Here

2642 Victor St. Victoria, BC
SALE PRICE - $700,000

3 Bedroom, 2 Bathroom
1,875 Sq Ft.

More Info - Click Here

The Magic of Christmas - Butchart Gardens

Colorful lights, carolers, ice skating and festive fare—Christmas is a cheerful time of year at The Gardens. Experience the Magic of Christmas. Bundle up and stroll through the Twelve Days of Christmas display, sing along to the sounds of the season with Traditional Carolers or listen to the Festive Brass, then stop in at the Coffee Shop to warm up with a hot chocolate and gingerbread by the fire.


Fairmont Empress - S'mores On The Veranda

Enjoy a selection of hot beverages in Christmas spirit and well known Christmas bites while delighting in s’mores around the fire.

WHEN: Nov 25 - December 23
TIME: 4:00pm – Close (Friday/ Saturday/ Sunday) 
PRICE: à la carte
LOCATION: Veranda overlooking Victoria's sparkling Inner Harbour
RESERVATIONS: Please note that availability on the Veranda is walk-in only. No reservations will be taken.

Sale of Sooke’s Evergreen Centre to Ontario firm will bring big changes to the town core

Fresh expansion plans for Sooke’s largest shopping centre are being mulled following its recent acquisition by Guelph, Ontario-based Skyline Commercial REIT.
Former owner Partners REIT – which only weeks ago divested its portfolio of retail properties in western Canada that included Evergreen Centre at 6660 Sooke Road – earlier this year pitched plans to build a 6,400 square foot single-storey commercial building adjacent to the B.C. Liquor Store...


Gingerbread Showcase 2018

The Gingerbread Showcase is Habitat Victoria’s premier fundraising event. Celebrating its 10th anniversary this year, this event is presented by the Victoria Real Estate Board and hosted at the elegant Parkside Hotel & Spa.

The Showcase brings together professional and amateur bakers from Vancouver Island and highlights their creativity, while supporting the work of Habitat Victoria.This year's theme is "There's no place like home."...

Stay Informed
Contact me for a complimentary, no obligation Real Estate Check-up. I’ll review up-to-date market trends in your immediate area, the current resale value of your home, and tips on improving the value of your home.

When you get asked: 

Occasionally, a friend, family member or neighbor might ask you to recommend a real estate agent.
When that happens, please feel free to give them my name. 

I truly appreciate your referrals!

Cell. (250) 857-2883
Office. (250) 385-2033