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VREB Sales Report - August 2013

STRONGEST SUMMER IN FIVE YEARS FOR PROPERTY SALES IN GREATER VICTORIA

 

VICTORIA, BC–Summer-time real estate sales numbers were the best they’ve been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August.

 

On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August, finishing off a strong summer market.

 

“I’m very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market,” says Shelley Mann, President of the Victoria Real Estate Board.

 

The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria’s ratio for residential properties was 14 per cent.

 

There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000.

 

“Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent,” Mann says. “This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing.

 

“With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady,” Mann says.

 

Total Waterfront Single Family Dwellings sold:                      20, up 7 over August 2012

Total Non-waterfront Single Family Dwellings sold:          288, up 61 over August 2012

Single Family Dwellings sold over $1 million:                         17 (2 over $2 million)

 

August 2013, MLS® Real Estate Sales, and Average and Median Prices, Greater Victoria

 

 

2013 - August

2013 - July

2012 - August

 

No of Sales

Average
Price $

Median
Price $

No of Sales

Average
Price $

Median
Price $

No of Sales

Average Price $

Median Price $

SFD Gr. Victoria

258

592,939

540,000

309

596,445

529,500

215

590,843

530,000

SFD Other Areas

50

446,681

408,000

36

446,542

390,000

25

565,418

460,000

Total SFD All Areas

308

569,196

529,950

345

580,802

521,000

240

588,195

526,250

Condos

125

343,343

287,000

127

300,037

265,000

127

320,650

262,900

Townhomes

70

419,030

415,000

70

395,893

360,750

47

432,459

369,000

Mfd. Homes

16

86,638

65,000

17

203,765

118,750

16

131,069

106,450

TOTAL RESIDENTIAL

519

 

 

559

 

 

430

 

 

TOTAL SALES

540

 

 

583

 

 

462

 

 

ACTIVE LISTINGS

4,593

 

 

4,772

 

 

5,034

 

 

SFD = Single-family Dwelling

 

August 2013, MLS® Real Estate Sales and Six-Month Average Prices over July 2013

* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island.

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,222 Members