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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
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