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HOMEFINDER: Real estate market has summer sizzle

Delayed busy season shifts entire selling cycle for 2014
GNG-Homefinder-merlin
Well-priced detached homes in Happy Valley continue to be popular with first-time buyers.

Some West Shore real estate agents were a little concerned when the typical post-winter housing market upswing took a while to materialize.

Patience has paid off for buyers, sellers and Realtors alike, however, as the market showed better than expected results for a typically slower period of the year, summer holiday time.

B次元官网网址淭ypically the strongest selling season is the spring, so thatB次元官网网址檚 why we were saying, B次元官网网址榳hatB次元官网网址檚 happening?B次元官网网址 It was so slow to take off,B次元官网网址 said Jean Omelchenko of DFH Real Estate West Shore.

B次元官网网址淚t was a slower spring, (but) the spring spilled into the summer and itB次元官网网址檚 just carried on. Actually itB次元官网网址檚 the busiest August weB次元官网网址檝e had in a long time.B次元官网网址

The figures released by the Victoria Real Estate Board this week showed significant improvement over the previous year. Last month 609 properties were sold, a 12-per-cent increase over the 540 sold in August 2013.

Sooke-based board president Tim Ayres sounded thrilled with the continued strong showing.

B次元官网网址淲hen July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised,B次元官网网址 he said. B次元官网网址淏ut sure enough, the market outperformed last yearB次元官网网址檚 sales again in August and weB次元官网网址檝e had the busiest August weB次元官网网址檝e seen in five years.B次元官网网址

ItB次元官网网址檚 not just a summer blip: year-to-date sales for the region are running at a 10.5-per-cent better clip than by this time in 2013.

September, usually after school begins in earnest, is when things typically kick into gear again after the late-summer lull, Omelchenko said. While itB次元官网网址檚 uncertain whether the teacherB次元官网网址檚 strike may affect the decisions of some people to buy or sell their home, she said, all indications are that the market will continue to be brisk.

The word B次元官网网址渂alancedB次元官网网址 continues to come up in descriptions of the market, a scenario in which neither buyers nor sellers have a distinct advantage. The absence of pricing pressures caused by a lack of supply B次元官网网址 which caused bidding wars in past B次元官网网址 coupled with still-low mortgage rates, has been key to maintaining that trend.

While specific figures for the West Shore as a region were not available at the Gazette press time, Ayres pointed out that the Home Price Index benchmark price for a typical single family home in the Greater Victoria core was $491,500, less than $5,000 more than last year. Despite a temporary glut of supply in the local condominium market as development projects have come on stream, the benchmark prices for condos and townhouses have both risen by about 2.5 per cent in the past year.

Continuing to pace the market on the West Shore, Omelchenko said, are first-time homebuyers who are still eagerly snapping up new or fairly new homes in fast-growing areas such as Happy Valley in Langford.

The small-lot designs, which offer a variety of square-foot configurations to accommodate everyone from those just starting out or people scaling down, to growing families, appeal to many people, she said.

B次元官网网址淲hat I find is the young people, they donB次元官网网址檛 want the big yard, but they want newer homes. The young people are who drives the market and if thatB次元官网网址檚 what they want, thatB次元官网网址檚 what theyB次元官网网址檙e going to get.B次元官网网址

Helping many first-time buyers or those looking to expand is the fact many newer homes in this area have legal suites or are B次元官网网址渟uite-ready,B次元官网网址 Omelchenko added. B次元官网网址淓verybody is still looking for that mortgage helper.B次元官网网址

editor@goldstreamgazette.com

Q: WHAT CAN I DO TO CREATE CURB APPEAL FOR A FALL SALE?

There are a number of ways to enhance the look of your home for sale as summer moves into fall.

Extra moisture in the air B次元官网网址 not necessarily the downpour the West Shore and the rest of Greater Victoria received Tuesday B次元官网网址 helps green up your lawns. Keep the grass neatly mowed and clear of leaves. There are also plenty of fall flowers available to plant to keep your gardens colourful.

Consider painting your front door a vivid colour and hanging some fall foliage on it as an accent.

Speaking of paint, your homeB次元官网网址檚 exterior would likely benefit from a power wash or fresh coat of paint in certain areas. Also, keep your windows clean.

Clearing out the gutters of leaves and other debris  shows potential buyers you care enough to maintain the home.

And while mid-fall is often the time to break out seasonal decorations for things like Halloween, avoid the ghouls and scarecrows and  keep the decorating to a modest level, so as not to detract from the home itself.

GREATER VICTORIA MARKET UPDATE 禄 Month ended Aug. 31 COURTESY VICTORIA REAL ESTATE BOARD

609 / 540 -- NET UNCONDITIONAL SALES / AUG. 2013

904 / 935 -- NEW LISTINGS / Aug. 2013

4,316 / 4,593 -- ACTIVE RESIDENTIAL LISTINGS PEAK/ Aug. 2013





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