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Prices, Sales moderate in second month of 2008
Further evidence of a more balanced Victoria real estate market is seen in today’s release by the Victoria Real Estate Board of the monthly MLS® statistics for February 2008. Listings are higher than last year this time, and while sales are down year-over-year, they are still showing a very strong market. Realistically-priced properties are selling quickly and for top dollar, with some still attracting multiple offers. Below is the news release and summaries, courtesy of the Victoria Real Estate Board:
Property Sales Moderate in February
March 3, 2008
The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February – a 13 per cent increase over February of last year,” noted Joe. Last month
over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was lower at $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.