No surprises here, inventory up, sales are down.
More evidence of balance in the real estate market (although with the number of new listings, I’m not sure just how ‘balanced’ it is!) was revealed today with the release of the Victoria Real Estate Board‘s May MLS® statistics.
Despite a 25% increase in listings available for sale over the same time a year ago, prices seem to be remaining stable. 18There were virtually the same number of sales this month as last, but 193 less than May of 2007. Despite that, the average and six-month averages of condos, townhomes, and single family detached homes remain virtually the same.
What does it all mean? The number of properties available for sale has been increasing steadily all year. However, buyers are still out there, and it’s still common to see well-priced properties get snapped up very quickly. What is important, as I’ve said time and time again, is good marketing. With so much to choose from, buyers will very quickly skim over properties with horrible photos, bad write ups, or worse still, none of the above.
Below is the full Victoria Real Estate Board news release, with graphs.
More Choices Now Available for Home Buyers
June 2, 2008
With a return to a balanced real estate market, home buyers in the Victoria area now have a much larger pool of properties from which to choose. The number of properties available for sale increased to 4,332 in June – a 25 % increase over the same month a year ago and the highest level since June 1998.
Victoria Real Estate Board President, Tony Joe, notes that despite this increase, prices and sales remain stable although the number of sales is down compared to a year ago. “There was a total of 770 sales of homes and other properties in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), virtually unchanged from the 768 sales in April but down from the 963 sales in May of last year.” Joe noted that a significant number of new properties came on the market last month: “There were 1,850 new listings in May – the highest number for a single month in over 18-years”. Joe added that 24 sales over $1 million had an impact on the overall average price of single family homes in Greater Victoria which last month was $601,897; the six-month average was $606,985 though median was considerably lower at $545,000. There were also three sales on the Gulf Islands of over $1 million.
The average price of all condominiums sold in May was $336,157; the average for the last six months was $333,208. The median was again lower at $295,500. The average price of all townhomes sold last month was $435,058; the six month average was $433,854. The median price was $394,900.
MLS® sales last month included 470 single family homes, 168 condominiums, 71 townhomes and 25 manufactured homes.
Summary Report and Graphs
Courtesy Victoria Real Estate Board
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