May 3, 2010
Real Estate Sales Remain Steady
Inventory Rises in April
The number of homes and other properties sold throughout the Victoria area moderated slightly in April while the number of properties available for sale continued to increase.
A total of 756 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 789 sales in March. There were 747 sales in April of last year. Prices remained stable for major property types.
Victoria Real Estate Board President Randi Masters noted that the further increase in the number of properties available for sale is providing buyers with a greater choice. “As of the end of April, there were 4,229 properties available for sale – up from 3,712 the end of March. The available inventory is now 10 per cent higher than the 3,861 properties for sale at the end of April a year ago and this means a wider selection for buyers.” Masters added that, as anticipated, sales have now returned to levels comparable to a year ago and this is expected to continue throughout the balance of the year. “The market is very stable right now offering a good balance between those wishing to sell and those looking to buy,” she added.
The average price for single-family homes sold in Greater Victoria last month was $624,149 down from $633,938 in March. The median price, however, rose to $572,500. The six-month average was $630,491. There were 21 sales of over $1 million including one on the Gulf Islands. The overall average price for condominiums was $340,105 last month, up from $336,779 in March. The average for the last six months was $326,131. The median price for condominiums in April remained unchanged at $305,000. The average price of all townhomes sold last month was $449,556 down from $456,446 in March. The median price declined to $430,000. The six month average was $458,297.
MLS® sales last month included 423 single family homes, 191 condominiums, 87 townhomes and six 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®.