The first house going up in the Gold Spur neighbourhood off Latoria Road in Langford is being constructed as crews build the road and work on the lots for sale. The average sold price for single family homes in the city continued a three-year slide in 2014

HOMEFINDER: Statistics another tool for agents

Looking at trends is one way to determine where to buy

In a competitive environment for real estate sales, Dustin Miller is looking for an edge.

The Sotheby’s Realty agent is hoping to appeal to potential buyers considering Langford for their next home by producing – with local Multiple Listing Service statistics – a series of graphs outlining the growth of the market in the city.

“I’m starting to work my way through each municipality,” he says, having created similar information for Oak Bay. His next project is the region’s condominium market.

“I want to make people more informed about the general macro market out there, and the graphs generalize the trends,” he says.

Among the interesting data he’s uncovered about Langford real estate trends through working with the MLS files is the major difference in prices, and volume between listings that sold and those that either expired or were taken off the market.

Where, between 2010 and 2013, listings that expired or were cancelled far outpaced sold units in the city, 2014 saw an abrupt flip flop in that trend.

As for prices, average sold numbers have been slipping ever so slightly since 2011, while the average price of unsold or cancelled properties have been on a sharp upward trend since 2012.

That could mean a number of things, says Miller (left), but often it points to homeowners pricing their properties unrealistically.

“We saw a $120,000 gap,” he says of the difference between roughly $485,000 and $605,000. “That could be because higher-priced real estate doesn’t necessarily do as well out there.”

While many buyers have been drawn to the more affordable new construction around the city limits, pricier areas such as Bear Mountain are included in Langford’s number, he notes.

In the still-recovering condo market, the difference between expired and sold prices was far less extreme. Both figures were trending downward between 2013 and 2014, but the averages were inching closer together, with unsold listing prices about $12,000 higher than the average sold price of roughly $275,000.

For families and others trying to figure out where to buy, Miller’s statistical work can be a helpful tool.

He can be reached at demiller@sothebysrealty.ca.

editor@goldstreamgazette.com

Q: WHAT IS ATTRACTING NEWCOMERS TO THE CITY OF LANGFORD?

It’s no secret why Langford council’s formula for attracting families and businesses has boosted the West Shore city to near or at the top of the country’s fastest-growing communities on any given day.

Factors such as Langford council’s strong focus on creating jobs and their commitment to providing the best recreational options in the Capital Region, coupled with a downtown beautification program in the past five years, have created the perfect storm for people of all ages looking for a community where everything you need is minutes away and easily accessible.

Throw in an expanding, award-winning trail system, three accessible lakes and more parks per capita by comparison to other communities,  and it’s really no surprise.

One of the keys spurring the rapid growth is the variety of affordable housing options, including a burgeoning rental market, which is virtually non existent in many parts of the Capital Region.

Just Posted

Sooke school registrations increase

New schools are needed but funding slow to come

B.C. moves ahead with speculation tax despite mayors calling for changes

Oak Bay mayor says he was hoping for a different outcome

Legalization at the legislature: Victoria celebrates with free cannabis

Longtime cannabis activist Dana Larsen hands out free joints, seeds, plants

UPDATE: Pat Bay Highway traffic moving again after motorcyclist rear-ended

Three vehicle collision stalled traffic in southbound lane Wednesday shortly before 4 p.m.

Third suspicious package sent to Langford law firm

Hazmat procedures and RCMP Explosive Disposal Unit deployed at Hemminger Law Group again

Watch: Saanich responds to mock emergency for ammonia Leak

Hazmat suits, emergency centre respond to mock ammonia leak

Find your future at Black Press career fair in Victoria

More than 70 booths expected at Bay Street Armoury on Oct. 25

POLL: Do you support amalgamation for communities in the Capital Region?

Residents in Victoria and Saanich will be voting on Oct. 20 on… Continue reading

VIDEO: Courtenay marks legalization by passing out free joints

Leaf Compassion celebrates new marijuana law in Courtenay

Caregivers banned from smoking, growing cannabis around children-in-care: MCFD

Ministry has limited cannabis use for caregivers, stating it may “pose a risk to children and youth.”

Jusu adds hemp extract to the menu in Greater Victoria

Food and beverage product to be enhanced with hemp extract

Cheaper strains sell out within minutes on online BC Cannabis Store

Province says new strains will become available in the coming months

Only 40% of B.C. car dealerships have electric cars available: report

Researchers found buyers frustrated at the lack of options

VIDEO: Millionaire Lottery returns to give back and win big

Since 1996, Millionaire Lottery has raised $52 million for the VGH+UBC Hospital Foundation

Most Read