Victoria Housing Market Gains Strength
The Greater Victoria area housing market gained additional strength last month with a significant increase in sales along with firm prices. A total of 879 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 17 per cent from the 747 sales in April and up 14 per cent compared to the 770 sales in May of last year. Prices for single family homes and condominiums were up slightly while townhome prices showed little change.
Victoria Real Estate Board President, Chris Markham, says there is every indication the rebound in the market will continue in the months ahead, “Sales were significantly higher last month than a year ago and prices appear to be strengthening in key sectors.”
The average price for single family homes sold in Greater Victoria last month was $573,442, up from $550,736 in April. The median price also rose to $525,000. The six-month average was $550,756. The overall average price for condominiums was $306,971 last month, up from $292,252 in April. The average for the last six months was $292,766. The median price for condominiums rose in May to $279,500. The average price of all townhomes sold last month was $400,788, virtually unchanged from $400,695 in April. The median price dropped slightly to $375,000. The six month average was $397,224.
MLS® sales last month included 514 single family homes, 223 condominiums, 88 townhomes and eight 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®.