Real Estate Team

VREB April 2009 Report

May 1, 2009

 

Spring Real Estate Sales Soar

 

Sales of homes and other properties throughout Greater Victoria soared in April while prices remained stable with some modest fluctuations up and down, depending on the property type. A total of 747 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 24 per cent from the 602 sales in March. There were 768 sales in April of last year. Prices for single family homes showed some increase while condo and townhome prices were mixed.

 

Victoria Real Estate Board President, Chris Markham, says the substantial increase in sales last month is very encouraging, “While sales so far this year are still running 28 per cent lower than for the first four months of last year, we have seen a dramatic upswing in market activity in the past couple of months with sales last month quite close to those of April of last year. We feel this demonstrates renewed confidence in the market.” Markham added sales have been particularly strong in the mid-range of prices with one third of all single family homes last month selling for under $450,000.

 

Markham noted that prices remained strong and stable in April. The average price for single family homes sold in Greater Victoria last month was $550,736, up from $534,689 in March. The median price also rose to $515,000. The six-month average was $540,179. The overall average price for condominiums was $292,252 last month, virtually unchanged from $294,393 in March. The average for the last six months was $285,848.

 

The median price for condominiums rose in April to $273,950. The average price of all townhomes sold last onth was $400,695 down slightly from $405,003 in March. The median price rose, however, to $390,000. The six month average was $399,826.

 

There were 3,861 properties available for sale at the end of April, virtually unchanged from the 3,859 properties available in the same month a year ago. There were also 3,859 properties available for sale at the end of March of this year.

 

MLS® sales last month included 421 single family homes, 204 condominiums, 74 townhomes and 11 manufactured homes.

 

While the use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.