Victoria Real Estate Update - May 2010Victoria Spring Sales Soften In May And Choices Increase For Buyers. The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale. A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type. Victoria Real Estate Board President Randi Masters noted that some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. Below is a graph showing the activity for properites listed on Victoria MLS® since May 2008 - May 2010.
The President of the Victoria Real Estate Board reported;
“So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.” Masters added that further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. “As of the end of May, there were 4,521 properties available for sale – up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago,” she added.
Below is a graph showing the total number of new listings and sales on Victoria MLS® since May 2008 to May 2010.
There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condos was $324,000 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condos in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798. MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.
The Montly Sales Summary (to the right) for May 2010 shows the number of single family homes sold during this month. The Victoria area had 44 sales, Oak Bay 29 and Esquimalt had nine for example...
The Monthly Sales Summary for condominiums were as follows;
Victoria West 17
Oak Bay 5
View Royal 1
Saanich East 29
Saanich West 12
Central Saanich 4
Waterfront Condo's in all districts = 10 for May 2010
May 2010 Sales Summary for Townhomes;
Victoria 9, Victoria West 3, Esquimalt 2, View Royal 5, Saanich East 8, Saanich West 6, Central Saanich 2, North Saanich 2, Sidney 6, Colwood 2, Langford 12, Sooke 3 and 3 Waterfront Townhomes total from all districts.
I hope this Victoria Market Update for May 2010 was helpful for you. I am an Award Winning real estate professional working in the Oak Bay, Fairfield, Downtown and James Bay areas of Victoria the majority of time as well having successfully sold real estate from Sooke to Sidney since being licenced in 1990. For more up-to-date information about the Oak Bay real estate market please read my Blog and stay tuned for more updates.
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