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Victoria Real Estate Update May 2008

Victoria Real Estate Update May 2008

 

Today the Victoria Real Estate Board published their News Release outlining the activity for the month of May and comparing it to 2007.

More Choices Now Available for Home Buyers  

 

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 May – 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.  However, 2007 overall was an exceptional year with the highest number 

of sales since 1991.”  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.