This week we’ll compare the market activity for building lots between corresponding four-week periods for this year and last. The four week period for each year runs from July 21 to August 17. The geography covered includes Victoria BC and surrounding area, but as usual, excludes Sooke. The property reviewed consists of serviced lots grouped by zoning: residential zoning (single family), and multi family or duplex zoning.
Sales
The number of single family lots that sold during the 2006 period was up quite dramatically from last year (14 versus 4). Along with it went the average sale price, which increased by about $47,000 to a recent average just above $325,000.
Interestingly, sales velocity in this area eased: the average days on market for residential lots in the 2005 period was 41, compared to 65 this year. Another interesting aspect is that for the earlier period the average list price actually increased by a small amount before the property sold, whereas in the latter period the average list price nudged slightly lower during the listing period.
On the multi family and duplex side, sales were a different story, and comparison is virtually impossible. Last year, there were 8 sales in this category, while this year there was just 1 (a duplex zoned vacant lot in Vic West which sold for full price the day it was listed).
Listings
Multi family and duplex listing activity was pretty much dead during both periods: zero last year versus 1 this year (it was that duplex-zoned vacant lot in Vic West). No comparisons are possible here.
As to single family lot activity, the number of listings rose a bit, from 23 last period to 28 this period. The average listing price seems to have moved down, but buried in the average is the fact that last year’s report period included more ‘high end’ lots than this year’s.
An examination of the averages for the 13 lots that actually sold during the currency of the 23 lots listed during last year’s report period probably presents a more realistic picture. The average listing price of those that actually sold was about $327,000 (the average selling price for these lots was $323,000). For this year’s four week period the average list price was $387,000. Of the ones recently listed, just 1 has sold, after 18 days on the market.
As always, a single four week period does not a trend make. But that’s why we do this every week.
Next Friday we’ll return to the single family market.
Bye for now,
...Victoria's blogging real estate professional.
