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VREB February 2009 Report

 

Real Estate Sales Rebound in February

 

Real estate sales rebounded in February with a substantial increase over January. A total of 403 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) up 63 per cent from the 247 sales in January. There were 619 sales in February of last year. Prices for single family homes and condominiums, meantime, rose slightly. There were 3,844 properties available for sale at the end of February. That represents a 16 per cent increase compared to February of last year and a modest increase from the 3,678 properties available for sale at the end of January.

 

Victoria Real Estate Board President, Chris Markham, says the dramatic increase in sales is a very positive sign. “The big increase in sales over January is very good news and shows us that despite the widespread economic uncertainty we still have a vibrant local housing market.” Markham added that although last month’s sales were

still well below the figures for February of last year, it’s important to remember that the early part of 2008 was still marked by an exceptionally strong market. “It was not until the latter part of last year that we saw significant declines in the number of sales,” noted Markham. He added that last month’s sales reflect a return to the typical February numbers that were in evidence in the late 1990s which was considered to be a stable market.

 

Markham added that overall continuing stability in prices last month is also welcome news. “The average prices for single family homes and condominiums rose last month while prices for townhomes dipped slightly.” The average price for single family homes sold in Greater Victoria last month was $542,396, up from $526,148 in January. The six-month average was $544,357 while the median price was $485,250. The overall average price for condominiums was $286,985 last month up from $259,742 in January. The average for the last six months was $293,775. The median price for condominiums in February was $250,000. The average price of all townhomes sold last month was $381,383 down from $393,982 in January. The six month average was $398,036 while the median price in February was substantially lower at $360,000.

 

MLS® sales last month included 223 single family homes, 109 condominiums, 47 townhomes and seven manufactured homes.