May 2, 2011
Real Estate Sales Soften, Prices Steady in April
The number of property sales throughout Greater Victoria softened in April while prices remained steady, showing increases for condominiums and townhomes and minor movement for single family homes. A total of 574 homes and other properties sold in April through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down from the 622 sales in March. There were 756 sales in April of last year.
Victoria Real Estate Board President, Dennis Fimrite, noted that although sales are running below last year’s levels, the steady prices reflect ongoing stability in the market. “Sales so far this year are running over 20 per cent below last year’s levels but it is important to remember that sales were exceptionally strong during the first few months of 2010. Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market and prices are expected to remain relatively flat and stable for the time being.” Fimrite added that the number of properties available for sale continued to rise at the end of last month as more people put their homes up for sale as expected at this time of year. “There were 4,561 properties available for sale at the end of April – up from 4,100 properties available at the end of March. Inventory levels are currently eight per cent higher than a year ago.”
The average price for single-family homes sold in Greater Victoria last month was $615,533, down slightly from $619,275 in March. The median price declined to $556,000 (from $568,500 in March) while the six-month average also declined to $621,412. There were 18 single family home sales of over $1 million in April. The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The median price for condominiums in April rose to $301,000 (from $290,000 in March). The average price of all townhomes sold last month rose to $480,621 from $434,626 in March. The median price also rose to $460,000 (from $408,150 in March) while the six month average rose to $439,450.
MLS® sales last month included 315 single family homes, 153 condominiums, 61 townhomes and 11 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®.