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Victoria BC MLS® Real Estate Statistics – April 2008

Greetings, search engine visitors! For April Statistics, released today, June 2, 2008, click here!

As choices increase and buyers decrease, pressure is on to price it right!

There is still fuel in the fire of the Victoria and Sooke real estate market, but decidedly less from a year ago. The April statistics were released today, and despite an all-time record high average price for single-family detached houses of $630,295 (caused by a relatively high number of sales of $1M+ homes), the trend is to increased inventory and fewer buyers.

There were 17 per cent more properties available for sale last month compared to the same month a year ago, and 768 sales, compared to 898. Sales were up from March, which had 707 sales.

There is still robust market action on moderately priced and lower priced properties, and the key is good marketing and good pricing. Still, sellers can expect to have to wait longer than in recent years in most cases as buyers consider the increased inventory. Make sure your photographs look good! Below is the statistics release from the Victoria Real Estate Board and their graphs.

Real Estate Sales Moderate – Prices Remain Stable

May 1, 2008Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in March but down from the 898 sales in the same month a year ago. Overall prices remain steady but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the average price of single family homes to a new record high.

Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for sale continues to increase. “In April, there were 3,859 properties available for sale – a 17 per cent increase over the 3,305 properties on the market in April of 2007. This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers.”

Joe added that despite the record high average price for single family homes, overall prices remained steady last month. “The relatively large number of high-priced sales had a substantial impact on the average price of single family homes in Greater Victoria, pushing this figure to a new record high of $630,295 but it is important to note that the median or mid-range price was substantially lower at $558,000.” Joe noted that nearly 28% of single family homes last month sold for under $475,000.

The average price of all condominiums sold in April was $325,975; the average for the last six months was $328,915. The median was again lower at $294,900. The average price of all townhomes sold last month was $420,658; the six month average was $440,364. The median price was $407,450.

MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and 20 manufactured homes.

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Courtesy Victoria Real Estate Board

Tim Ayres


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Victoria BC MLS® Real Estate Statistics – March 2008

Greetings, search engine visitors! For April Statistics, released today, May 1, 2008, click here!

Steady as she goes, the Victoria real estate market remains healthy through the first quarter of 2008. Current inventory levels are 17% higher than the same time last year, as many condo and townhouse projects that started several years ago come on-stream to the Victoria Real Estate Board MLS®. Sales numbers are strong, but still less than the same period last year. Buyers have more to choose from, and sellers are still getting good prices for their homes. This is the balance that most people were predicting for this year’s market. Despite the average single family dwelling and townhouse prices being up over last month, I don’t think it’s possible to rely on month-to-month statistics to tell whether prices are moving. I think either way, up or down, they’re moving more slowly than in the past 5 years and we should be comparing quarter-to-quarter to establish trends. Below is the statistics release from the Victoria Real Estate Board and their graphs.

Real Estate Market Offers More Choices for Buyers

April 1, 2008

Real estate buyers in the Victoria area have a growing number of properties from which to choose. The total number of properties available for sale rose to 3,591 in March – a 17 per cent increase over March of last year. Victoria Real Estate Board President, Tony Joe, says the return to a balanced market is good news for both buyers and sellers. “With more properties available for sale, buyers now have a greater choice, but the continued demand for homes and steady prices mean sellers can anticipate strong interest in properties that are realistically priced.” There were 707 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in March, down from the 833 sales in the same month a year ago but up 14 per cent from the 619 sales in February.

Joe added that prices remained steady last month, “Twenty-eight per cent of single family homes sold for under $450,000 while nearly 36 per cent of condominiums sold for under $275,000.” At the higher end of the market, Joe noted that there were 20 sales in Greater Victoria and two sales on the Gulf Islands of over $1 million.

The average price of single family homes sold in March in Greater Victoria was $597,176; the median price was lower at $529,625. The six-month average for single family homes was $591,439. The average price of all condominiums sold in March was $328,734; the average for the last six months was $332,552. The median was again lower at $300,000. The average price of all townhomes sold last month was $458,378; the six month average was $437,523. The median price was $411,500.

MLS® sales last month included 407 single family homes, 170 condominiums, 68 townhomes and 16 manufactured homes.

Monthly Sales Summary
Average Selling Price Graph
Active Lisings, New Listings and Sales Graphs

Courtesy Victoria Real Estate Board

Tim Ayres


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BC Home Sales top $45 Billion in 2007 – A New Record

It’s a brick - na na na na - HOUSE2007 surprised us all as an exceptionally strong year for home sales in the provincial real estate market. I think if you had asked me at the end of 2006 if I thought that 2007 would break any records for home sales, I would have told you (politely) that you were crazy. Below is the news release from the BC Real Estate Association, along with a link to detailed statistics. –Tim

BC Home Sales Smash Record Book

Vancouver, BC – January 11, 2008.British Columbia Real Estate Association (BCREA) reports residential sales volume on the Multiple Listing Service® (MLS®) in BC climbed 19.5 per cent to $45.1 billion in 2007, the highest level ever recorded. Residential unit sales increased 6.4 per cent to 102,811 units in 2007, only the second time BC home sales have exceeded the 100,000 unit mark (a total of 106,310 homes traded hands in 2005). The average MLS® residential price in the province reached a record $439,121 in 2007, up 12.3 per cent from 2006.

“Strong consumer demand buoyed by employment growth, rising wages and migration was a significant factor in BC’s housing markets last year,” said Cameron Muir, BCREA Chief Economist. “In the province’s major urban centres, sales activity reflected increasing demand for condominium apartments and townhouses. The largest gains in home prices occurred in the Kamloops, Okanagan and Kootenay markets where a legion of recreation, retiree and investment buyers put pressure on existing home inventories.”

“BC housing markets will experience less frenetic activity in 2008,” noted Muir. “Eroding affordability, rising new home completions adding to inventories and weaker economic growth are expected to provide a moderating influence this year.”

MLS® residential sales volume in December increased 24.2 per cent to $2.19 billion compared to the same period last year. Residential unit sales climbed 8.8 per cent to 4,791 units over the same period. The average residential sales price rose 14.2 per cent to $457,825 in December compared to December 2006.

For more information, including detailed statistics, follow this link: www.bcrea.bc.ca/news_room/2007-12.pdf