Victoria Real Estate Update - April 2009
Real Estate Sales throughout Greater Victoria Gained Momentum In March.
A total of 602 homes and other properties sold in March that was listed on the MLS®. In 2007 there were a total of 707 sales. The average sale price for March 2009 was $435,479. and in 2008 it was $494,413.00.
Overall appreciation/depreciation year over year is -12%. The avereage days on the market is approximately 63 days this year. Total new listings for the month of March 2009 came in at 1216 and the total ACTIVE listings for April 2009 so far is 3859 compared to April of 2008 at 3591.
Chris Markham, our Victoria Real Estate Board President said the rebound in the market over the last month is welcome news. "Total sales last month were higher than the March figures during each year from 1995 to 2001 - a market which we considered to be balanced" said Markham. " Sales seemed artificially low in January and February. Lower interest rates and the resulting increased affordability have energized the entry-level housing market. Last month's substantial increase exceeded my expectation and provides us with renewed confidence that the market is returning to a healthy and balanced state," he added.
MLS® sales last month included one home selling between $925,000. - $949,999. in the Victoria Area, 4 homes in Oak Bay selling between $1,000,000. - $2,000,000., Saanich East showed 1 sale between $1,000,000. - $2,000,000., one sale in Central Saanich as well as North Saanich in the same price range. This is good news.