Real Estate Team

VREB July 2009 Report

Property Sales Soar in July

 

It was not only the weather that was hot in July as the Victoria area property market continued to soar. The number of sales of homes and other properties reached their highest peak for the month of July in at least 19-years. A total of 933 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down slightly from the 946 sales in June but up a remarkable 51 per cent compared to the 616 sales in July of last year.

 

Victoria Real Estate Board President, Chris Markham, says the continued strength in the market reflects growing optimism among consumers, “There are indications that the recession is nearing an end and people are feeling more confident in the economy and consequently more confident about making a move up or down in the housing market, depending on their needs.” Markham noted that sales so far this year are running about two per cent higher than in the same period a year ago. “The year began very slowly but the rebound in the past four months has been significant,” he added.

 

There were 3,632 properties available for sale at the end of July, down 20 per cent from the 4,557 properties available in the same month a year ago. “The decline in the number of properties available for sale means we can expect some upward pressure on prices, though it is important to note there will always be month-to-month fluctuations in prices depending on the properties sold,” said Markham. Prices for both condominiums and townhomes rose last month while prices for single family homes declined slightly.

 

The average price for single family homes sold in Greater Victoria last month was $565,469, down from $588,186 in June. The median price declined slightly to $520,000. The six-month average was $562,909. The overall average price for condominiums was $328,441 month, up from $298,200 in June. The average for the last six months was $303,665. The median price for condominiums in July rose to $290,000. The average price of all townhomes sold last month was $443,109, up from $413,218 in June. The median price rose to $421,000. The six month average was $411,210.

 

MLS® sales last month included 516 single family homes, 252 condominiums, 103 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®.