March 1, 2010
Real Estate Sales Surge in February
Prices Remain Mixed
The number of homes and other properties sold throughout the Victoria surged in February compared to January and remained well above the number of sales in February of last year. A total of 621 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from the 418 sales in January and 403 sales in February of last year. Prices for single-family homes and condominiums softened somewhat while prices for townhomes rose slightly.
Victoria Real Estate Board President, Randi Masters, says February’s figures demonstrate continued strength in the market. “There will always be month-to-month fluctuations in prices depending on what kinds of properties sell in a particular month, but the relatively high number of sales in February shows ongoing consumer confidence.” Masters added that February sales have now returned to historically more normal levels as a year ago the market was just beginning to emerge from the economic downturn. Masters noted that the number of properties available for sale again increased last month, “As of the end of February, there were 3,280 properties available for sale – up from 2,793 at the end of January but still down slightly from 3,844 properties for sale at the end of February a year ago.” Masters added that activity is particularly strong in the mid-price range with nearly 50 per cent of single-family homes last month selling for under $550,000.
The average price for single-family homes sold in Greater Victoria last month was $620,833 down from $644,678 in January. The median price also declined to $560,950. The six-month average was $620,174. There were 20 sales of over $1 million, including one sale on the Gulf Islands for over $2.5 million. The overall average price for condominiums was $304,163 last month, down from $313,337 in January. The average for the last six months was $320,376. The median price for condominiums in February declined to $285,000. The average price of all townhomes sold last month was $460,900 up from $453,013 in January. The median price rose to $430,000. The six month average was $453,440.
MLS® sales last month included 296 single family homes, 192 condominiums, 78 townhomes and 14 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®.