Victoria Real Estate Blog - Victoria Real Estate News and Information: British Columbia: Victoria: Oak Bay

Oak Bay 2008 - 2012 Historical Real Estate Market Trends.

Peter and Linda Pfann, are Realtors assisting Oak Bay and Greater Victoria bound clients from down the block or from across the globe with buying, selling, investing and retiring in and around Greater Victoria, BC Canada since 1986.

We are pleased to provide you with the Historical Oak Bay Market Trend Statistics for 2 specific property types.

• Oak BaySingle Family Homes
• Oak Bay Condominiums (suites), Town-Homes and 1/2 Duplexes

The Neighbourhoods and Areas forming Oak Bay included in this report are:

Estevan, Gonzales, Henderson, North Oak Bay, South Oak Bay and Uplands.

The data below is very area specific information, however we would not suggest to use this information to establish the value of any one property, as there just too many details that can and often will affect the value of a property. If you are considering your real estate options, please do not hesitate to contact us.

For many the use of Historical Market Trends offers the proper perspective to analyze long term trends in any market place and determine how secure and safe guarded a long term real estate investment will be in any location.

The Oak Bay Historical Real Estate Market Trend Graphs below indicate the following:

• Oak BaySingle Family Home Average Prices (Values) Came close to $ 1,000,000 by the end of 2010, and have since seen a modest decline to approx. $ 920,000 by the end of 2011.
• The Number of Oak BaySingle Family Homes Sold, saw a significant drop during 2010, and has a continued to soften modestly during 2011, while prices remained more or less unchanged.
• Oak BayCondominiums (suites), Town-Homes and 1/2 Duplexes Prices (values) have seen a relatively steep increase since 2010. With only 250 listings sold over the 4 years of the sample, the Oak Bay market is easily influenced by the sales of suites in one or two new developments
• The Number of Oak Bay Condominiums (suites), Town-Homes and 1/2 Duplexes Sold between 2010 and the end of 2011 is a bit of a jo-jo, and seems to be influenced by the introduction and pre-sales of one highly  anticipated development (Oak Bay Marina/Hotel) although there are still more strata properties sold than in 2008.

As to drawing possible conclusions for the Oak BayReal Estate Market from these historical real estate market results :

• It would appear that the Single Family Home Market in Oak Bay with modestly declining sales price levels and continued decline in the Number of Sales, Oab Bays Single Faimily Home market will likely balance the market over the coming year to 18 months. This should caution Sellers to prepare, present and price their property accordingly unless dramatic external issues changes the typical progression)
• As To Oak BayCondominiums (suites), Town-Homes and 1/2 Duplexes, the story is entirely different..... With the relatively sharp increase in the number of sales in Oak Bay since 2010, while prices have continued to increase, one could conclude (for Buyers) that prices are likely to continue to increase over the next 12 - 24 months. For Oak Bay Buyers, it seems to be very important to use timing (buy sooner rather than later) to your advantage as todays values for Condominiums represent the best value in the Oak Bay market today.

Oak Bay Single Family Homes Historical Real
Estate Market Trends 2008 to 2012

Oak Bay Condominiums, Town-Homes, & 1/2
Duplexes Historical Real Estate Market Trends 2008 to
2012

• Free Property Information if Are You considering Buying, or Investing in Saanich Real Estate?
• What is My Oak Bay Home Worth?
• Current Greater Victoria Real Estate Board Statistical Reports (courtesy VREB)
• Oak Bay BC, Resources (jobs, schools, health care, relocation, properties).
• Getting to know Oak Bay BC.
• Greater Victoria Community and Real Estate Resources
  

On our Live interactive map you will see some of the current Victoria properties for sale (this is just a snapshot and not intended to be a complete inventory). For a more complete available homes for sale index, we offer our Free Properties Search Services

Every Step Matters,  Join the Oak Bay & Victoria Walk to End MS

We know are a bit early with reminding you about this year's Victoria & Oak Bay MS Walk, but we want to make sure you have enough time to form your teams, and come up with creative (and effective) ways to do a little fundraising, while walking in some of Victoria and Oak Bay's Beautiful  Neighourhoods and Beaches on April 15, 2012....

Here are the Victoria Oak Bay MS Walk Event Details:

Date: Sunday April 15th 2012
Start/Finish Location: Willows Beach Park - Beach Dr at Dalhousie (Oak Bay)
Check-in Time : 8:00am
Start Time: 10:00am
Route Length(s): 3 km, 6 km, 9 km

Early Check-in Date: Saturday April 14th 2012
Early Check-in Time: 11:00am - 2:00pm
Early Check-in Location: MS Society Office - 1004 North Park St. Victoria, BC V8T 1C6
Victoria Oak Bay MS Walk Web Site and Registration

So let it be know that you have received enough notice and will have ample time to lace up and take a stand in the Fight against MS!
With likely well over 750 participants, this years event will be a Pfanntastic way to show your support to eradicate MS..
 
There is no charge to join in and you are encouraged to establish your own fundraising goals and objectives.
Prizes for funds raised, Entertainment, Food, Event T Shirts..... are added incentives, but really
This is all about Raising Funds and continuing the winning fight against MS, and we really do not need any more incentives do we....?

The Victoria Coordinator for the MS Walk on April 15, 2012 is Sukhi Tomana (250) 388-6496 ext. 245 and here is her email

MS Society of Canada Website for additional resources

Oak Bay, BC Single Family Homes Review for 2011.

Real Estate in Oak Bay is considered some of the most desireable property of any in the Greater Victoria Area, and as such it is really no surprise that it is also one of (if not the) most balanced Market Segments of our little corner of Paradise on Vancouver Island.

As the Slides and Video will show, Oak Bay real estate in 2011 was bucking the trend a bit in so far that, although the number of sales was down (only slightly) Average and Median Prices did nudge up by between 2 and 5.8%.

Slightly more homes remained unsold compared to 2010, (48 % from 42% in 2010) and the spread between asking price and eventual sale price increased about 0.5% (hardly worth mentioning).

Over the next days we will add Real Estate Market Reivews for most Greater Victoria Communities, and we will add the links to them right here

• City of Victoria Single Family Homes Real Estate Market Review of 2011

Here is a link to the Victoria Real Estate Board Statistical Reports, and published every month.

Planning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, including New Listings & Value Estimates, This absolutely Free no hassle service is completely customized to your specific requirements.
We call it: Victoria Homes Now, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Homes Now Service is Free, The Information is Invaluable,

Request Your Instant Access to Victoria Properties Right Now!

Harling Point Park and The Chinese Cemetery, Oak Bay, BC.

Harling Point Park and The Chinese Cemetery, is considered Canada's oldest Chinese Cemetery, and as such a significant National, Canadian and Chinese Historic and cultural site.

In 1903 this beautiful location was purchased by the Chinese Consolidated Benevolent Association and was used as a Cemetery until 1950.

Until 1930 (when Chinese government disallowed the practice) it was common for families, clans or associations to exhume remains (after 7 years) and returning the remains to the Chinese homeland.

The Site, designated as a historic site since 1995, is truly a near perfect representation of Feng Shui (meaning wind and water) in nature, its orientation to the open waters,  the protection by surrounding rock outcroppings, the lack of trees all contribute to the overwhelming sense of peace and tranquility that is very noticeable at Harling Point Park and The Chinese Cemetery.

We truly feel revitalized and re-energized when we return from a visit to Harling Point Park and The Chinese Cemetery in Oak Bay near the Victoria BC Border.
We hope you enjoy our Slide presentation for this amazing area.

Planning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, includingnew listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!

Oak Bay BC, Real Estate Single Family Homes

Real Estate Market Update Jan.-Sept. 2011.

Peter and Linda Pfann, are Victoria, BC, Realtors assisting clients (both local and around the world) with buying, selling, investing and retiring in and around your Pfanntastic Greater Victoria, BC Canada Home since 1986 and we are pleased to provide you with the current market statistics for Single Family Homes in Oak Bay BC.

The Areas and Neighbourhoods Forming Oak Bay BC are:
Estevan, Henderson, Gonzales, North Oak Bay, South Oak Bay, Uplands, Oak Bay

Oak Bay is an independent Municipality, with its own police force and is Geographically the one of if not the smallest  Municipality in the Greater Victoria Area on Vancouver Island.

Summary Review of the Oak Bay Single Family Homes Graph's Provided

• Compared to the same month Last Year (Slide 1) most Neighbourhoods in Oak Bay show that Median Prices are holding, with a extreme increase (often caused by some sales having either very high or very low prices) The Uplands remains the highest median priced area in Oak Bay.
• The Spread between Average list and sales Prices in Oak Bay (slide 2) Year to Date, are very close Year to Date, for most areas indicating that sellers are really taking note of their Realtors Recommendations. The Bigger spreads between asking and sales price averages are typical of the highest price ranges
• The 3 year list to sale price average review for Oak Bay in Slide 4, When asking and sales prices came very close in June 2011, the reaction is almost immediate, (the buyers backed right off and seller raised their expectations. The graph also clearly indicates that the current very small spread between asking and sale price averages will likely be followed by a relatively sharp rise in asking prices over the next while, and we caution sellers to not get to optimistic in their expectations (as the Graph also shows) higher asking prices do not result in higher sales prices.
• With slide 5 one can clearly identify the end of the boom period in in 2008 and the sharp increase of inventory and overall decline in number of sales in Oak Bay, this relatively high spread is keeping prices level With Oak Bay Inventory remaining vey high, there may be some excellent Buyer Opportunities).
• The Last Slide Reviews the past 3 years listing inventory levels and projects the number of months worth of inventory available in Oak Bay. Oak Bay traditionally is the most blanced market in and around Greater Victoria, as new construction and large invetory influx is very very rare. the market in Oak Bay remained relatively balanced for the most part this yer, with a slight but sharp increase recently.

   The Oak Bay BC, property information  included is very area specific, however we do not recommend to use this information to establish the value of your property, as there are just too many details that influence the value of any one property. We would encourage you to contact us for any specific Property Value Estimate Requirements you may have in Oak Bay.

 This Oak Bay Market Update Report only covers Single Family Homes, for information about Condominiums, town-homes, Duplexes, investment properties and or any other property or ownership forms, please contact Peter and Linda Pfann, and it will be our pleasure to provide with any required market update information or use our Pfanntastic (online) Free Market Snapshot Tool (see details below the market update information.

• Are You considering Buying, Investing in, Selling, Real Estate in Oak Bay? Please use our FREE Oak Bay  MLS Market Update Service.
• Current Greater Victoria Real Estate Board Statistical Reports (courtesy VREB)
• Oak Bay Resources (jobs, schools, health care, relocation, properties)
• Getting to know Oak Bay

On our Live interactive map (at the bottom of this report) you will see some of the current Oak Bay properties for sale (this is just a snapshot and not intended to be a complete inventory). For a more complete available homes for sale index, we offer our Free Properties Search Services
 

Oak Bay BC, Real Estate Single Family Homes

Real Estate Market Update Jan.-Sept. 2011.

Planning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, includingnew listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!

Oak Bay Real Estate Market 3 Year Review 2009 - 2011 YTD.

Oak Bay is considered one of the most desirable communities within the Greater Victoria Region and offers a unique and Romantic Village atmosphere with many tree lined streets, smaller homes in some areas and substantial estates in others.

A quick review of the past few years in single family homes activities in Oak Bay offers a bit of insight in the stability and continued interest in this wonderful part of Greater Victoria.

We have compiled some additional resources aboutOak Bay for those that are interested, right here

As the table indicates, prices, sales and abosorption are seeing a slight adjustment for Oak Bay for 2011, but not so much that it should give any potential home seller any real concern. While it would appear to give serious home buyers some indication that those that are motivated to sell, will likely have a bit of negotiation room to offer.

There are however some other significant observations:

• The Average List to Sale Price ratio for the Core Communities in Greater Victoria (Victoria, Oak Bay, Esquimalt, View Royal and Saanich) is substantially better at 80 to 88% during the same 2+ year period. This larger than anormal spread is indicating that properties priced over the magical "Comfort Zone" are not only having much more competition in the entire region, the prices offered are substantially lower than their asking prices
• The Absorption Ratio for Oak Bay compared to the same Victoria Core Communities  indicates that although Oak Bay is not the highest absorbing area around it has been very stable, where the combined Victoria Core Communities, have dropped off fairly substantially in the past few years from a high of over 33% in 2009 to just over 20% year to date in 2011.
• Oak Bay saw a price increase of approx. 12% between 2009 and 2010, however in 2011, sales prices have dropped by about 3% from the 2010 prices year to date.
• Additional recent real estate market and community information about Oak Bay can be found here

Planning to buy, sell, upgrade, downsize, invest in real estate or relocate to Greater Victoria, and need information about your present or new area of choice?....... No Problem.
Peter and Linda Pfann now offer a FREE Pfanntastic Internet Service, keeping you informed about Greater Victoria Market Activity, includingnew listings, current and recent sales, price adjustments, statistics, graphs and a variety of additional handy real estate tools for your benefit. This absolutely Free no hassle service is completely customized to your specific requirements.
We call it Victoria Market Snapshot, and this amazing little tool will ask you a few questions, and provides you with an updated snapshot of the property type(s), location (s) and real estate market activity as per your requirements.
The Pfanntastic Victoria Market Snapshot Service is Free, The Information is Invaluable, Request Your Victoria Market Snap Shot Right Now!

Oak Bay, BC Real Estate List Price Vs Sale Price

Market Update By Neighbourhood Jan. - Aug. 2011

Oak Bay, 2011 Year to Date Market update by Neighbourhood.

On our Live interactive map you will see some of the current Oak Bay properties for sale (this is just a snapshot and not intended to be a complete inventory). For a more complete available homes for sale index, we offer our Free Properties Search Services

The Areas and Neighbourhoods Forming Oak Bay BC are:
Estevan, Henderson, Gonzales, North Oak Bay, South Oak Bay, Uplands, Oak Bay

Peter and Linda Pfann are pleased to provide you with the current market statistics for 3 specific property types.

•    Oak Bay Single Family Homes
•    Oak Bay Town-Homes and 1/2 Duplexes
•    Oak Bay Condominiums

The Oak Bay property information  included is very area specific, however we do not recommend to use this information to establish the value of your property, as there are just too many details that influence the value of any one property.

• Are You considering Buying, Investing in, Selling, Real Estate in Oak Bay? Please use our FREE Oak Bay  MLS Market Update Service.
• Current Greater Victoria Real Estate Board Statistical Reports (courtesy VREB)
• Oak Bay Resources (jobs, schools, health care, relocation, properties)
• Getting to know Oak Bay
  

Oak Bay, Single Family Homes List Price Vs Sale Price By Neighbourhood Year To Date

Oak Bay, Condominium Homes List Price Vs Sale Price By Neighbourhood Year To Date

Oak Bay, Town-Homes & 1/2 Duplexes, List Price Vs Sale Price By Neighbourhood Year To Date

Oak Bay, BC Real Estate List Price Vs Sale Price

Market Update By Neighbourhood Jan. - Aug. 2011

Moving To The District Of Oak Bay Real Estate Resource Page

In our Efforts to Provide you the best possible Oak Bay Real Estate information at your fingertips, we have combined a number of the most frequently asked topics in one District of Oak Bay Estate Resource Page:

• District of Oak Bay Community Information

Current Real Estate Market Conditions In Oak Bay.

• Current Real Estate Market Conditions in Oak Bay
  

Instant Access to Saanich East Property Information

• Single Family Homes For Sale in Oak Bayby Instant Access
• Town Homes and 1/2 duplexes For Sale in Oak Bay by Instant Access
• Family (no age restriction) Condominiums for Sale in Oak Bay
• Adult (ages 19-54) Condominiums For Sale in Oak Bay
• 55+ Condominiums For Sale in Oak Bay
• Small Revenue and Investment Properties for sale in Oak Bay

Relocation and Moving to Victoria Resources

• How Good are the Local Schools, a School Report Card Index by the Fraser Institute
• Job, Career and Business Option resources in Oak Bay
• Health Care Resources in Oak Bay
• Moving To Oak Bay Resources
• Retire To Oak BayResources

Your Real Estate Plans Resources

• What is your Home Worth?
• Receive Available Property updates by email
• Ask Peter and Linda Questions in Confidence

Moving To The District Of Oak Bay Real Estate Resource Page

Average List Price Vs Average Sale Price

In The District of Oak Bay By Neighbourhood Year To Date

District of Oak Bay , Year to Date Market update by Neighbourhood.

Peter and Linda Pfann are pleased to provide you with the current market statistics for 3 specific property types.

•    Single Family Homes
•    Town-Homes and 1/2 Duplexes
•    Condominiums

   For this Market Update Report we have broken down the information by Neighbourhood and have included the average list prices and the average sale prices by Victoria Neighbourhoods.

The data below is very area specific information, however we would not suggest to use this information to establish the value of any one property, as there are just too many details that can and often will affect the value of  a property.

For Free Online Value Estimate of Your Property.

For FREE  Regular Property Updates By Email.

(no worries we will not bug you)

Single Family Homes Average List Price Vs Average Sale Price In The District of Oak Bay By Neighbourhood Year To Date

Condominiums Average List Price Vs Average Sale Price In  The District of Oak Bay By Neighbourhood Year To Date

Town-homes and 1/2 Duplexes Average List Price Vs Average Sale Price In The District of Oak Bay By Neighbourhood Year To Date

Average List Price Vs Average Sale Price

In The District of Oak Bay By Neighbourhood Year To Date