Blog by Brenda Russell

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Victoria Real Estate Update - June 2009

Stats Victoria 06-09

 

Victoria Housing Market Gains Strength In May

MLS® sales last month included 514 single family homes, 223 condominiums, 88 townhomes and eight manufactured homes. The number of new Listings during May were 1,362 and the total ACTIVE listings count came in at 3,789 as of May 31st.

MLS® sales last month included one home selling between $2,000,000. - $2,999,999. in the Victoria area, sales between $1,000,000. - $1,999,999. range showed seven in Oak Bay, four in Saanich East, one in Saanich West, three in Central Sannich, one in View Royal,  and one in Metchosin.

The activity is very strong especially up to the $650,000. range, there are multiple offers and homes selling for well above the asking price for single family dwellings.

The Greater Victoria area housing market gained additional strength last month with a significant increase in sales along with firm prices. A total of 879 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 17 per cent from the 747 sales in April and up 14 per cent compared to the 770 sales in May of last year. Prices for single family homes and condominiums were up slightly while townhome prices showed little change.

Victoria Real Estate Board President, Chris Markham, says there is every indication the rebound in the market will continue in the months ahead, “Sales were significantly higher last month than a year ago and prices appear to be strengthening in key sectors.” Markham noted that the number of properties available for sale dropped last month. In addition, continuing attractive interest rates and growing consumer confidence are helping to fuel activity which is particularly strong in the mid-price range. “Over half of the single family homes sold last month were priced between $400,000 and $600,000.” There were 33 sales of single family homes over $1 million including six on the Gulf Islands. There were 3,789 properties available for sale at the end of May, down 13 per cent from the 4,332 properties available in the same month a year ago.

The average price for single family homes sold in Greater Victoria last month was $573,442, up from $550,736 in April. The median price also rose to $525,000. The six-month average was $550,756. The overall average price for condominiums was $306,971 last month, up from $292,252 in April. The average for the last six months was $292,766. The median price for condominiums rose in May to $279,500. The average price of all townhomes sold last month was $400,788, virtually unchanged from $400,695 in April. The median price dropped slightly to $375,000. The six month average was $397,224.

I hope this helped you understand the market in Victoria BC as we head into Summer.  If you are thinking of Selling or Buying residential real estate please call me direct at 250.744.4556 or toll free at 1.800.550.0585.  Stay tuned for more updates...