VREB March 2009 Report

April 1, 2009

Real Estate Sales Gain Momentum in March

Real estate sales throughout Greater Victoria gained momentum in March. A total of 602 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) up a significant 49 per cent from the 403 sales in February. There were 707 sales in March of last year. Prices, meantime, remained very stable with modest increases in some sectors. There were 3,859 properties available

for sale at the end of March. That represents a seven per cent increase compared to March of last year and only a minor increase from the 3,844 properties available for sale at the end of February.

Victoria Real Estate Board President, Chris Markham, says the rebound in the market over the last month is welcome news. “Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced.” said Markham. “Sales seemed artificially low in January and February. Lower interest rates and the resulting increased affordability have energized the entry-level housing market. Last month’s substantial increase exceeded my expectation and provides us with renewed confidence that the market is returning to a healthy and balanced state,” he added.

Markham noted that prices remained strong and stable in March. The average price for single family homes sold in Greater Victoria last month was $534,689 down slightly from $542,396 in February. However, the median price rose to $503,751. The six-month average was $540,244. The overall average price for condominiums was $294,393 last month up from $286,985 in February. The average for the last six months was $288,661. The median price for condominiums also rose in March to $266,500. The average price of all townhomes sold last month was $405,003 up from $381,383 in February. The six month average was $398,320 while the median price in March was $356,450.

MLS® sales last month included 343 single family homes, 163 condominiums, 64 townhomes and 11 manufactured homes.