Real Estate Team

VREB Report March 2010

April 1, 2010

Real Estate Sales Rise in March

With the Arrival of Spring

 

The number of homes and other properties sold throughout the Victoria area rose substantially in March compared to both the previous month and to March of last year. A total of 789 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up 27 per cent from the 621 sales in February. There were 602 sales in March of last year. Prices for single-family homes and condominiums rose moderately while prices for townhomes were mixed.

 

Victoria Real Estate Board President, Randi Masters, says the anticipated increase in interest rates has likely prompted some buyers to make their move now. “With the recently announced increase in some mortgage rates and the expected increase in the Bank of Canada rate later this summer, it is likely that some buyers have decided that now is the time either to get into the market or make a move up or down according to their changing needs,” said Masters. “Further increases in borrowing costs are likely to be gradual, so while there may be some slowing in market activity later in the year, we anticipate this will have only a modest impact on market conditions,” she added.

 

Masters noted that the number of properties available for sale again increased last month, “As of the end of March, there were 3,712 properties available for sale – up from 3,280 the end of February but still down slightly from 3,859 properties for sale at the end of March a year ago.”

 

The average price for single-family homes sold in Greater Victoria last month was $633,938 up from $620,833 in February. The median rose to $569,950. The six-month average was $623,508. There were 33 sales of over $1 million including one in Oak Bay for over $3 million. The overall average price for condominiums was $336,779 last month, up from $304,163 in February. The average for the last six months was $322,663. The median price for condominiums in March rose to $305,000. The average price of all townhomes sold last month was $456,446 down from $460,900 in February. The median price, however, rose to $439,800. The six month average was $456,368.

 

MLS® sales last month included 438 single family homes, 195 condominiums, 91 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®.