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
Courtesy Victoria Real Estate Board