March 1, 2011
Real Estate Sales Increase in February
The number of property sales throughout Greater Victoria rose in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 339 sales in January. There were 621 sales in February of last year.
Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in February was not unexpected, “It is common to see the market pick up following the December – January holiday period and last month’s significant increase in sales along with relatively stable prices demonstrates ongoing confidence in the market by both buyers and sellers.” Fimrite added that although February’s sales were below the sales totals for February of a year ago, the beginning of 2010 was marked by an unusually strong market that softened as the year progressed. He noted that inventory levels also rose in February, “There were 3,714 properties available for sale at the end of February – up from 3,283 properties available at the end of January. Inventory levels are currently 13 per cent higher than a year ago.”
Fimrite added that despite ongoing concerns about affordability, it’s important to note that a substantial number of homes are selling in the mid-priced range, “Nearly half of the single family homes that sold last month went for under $550,000 while 46 per cent of condominiums last month sold for under $275,000.”
The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January. The median price, however, declined to $564,950 from the previous month. The six-month average rose slightly to $623,389. There were 14 single family home sales of over $1 million in February including one on the Gulf Islands. The overall average price for condominiums was $323,844 last month, up slightly $323,002 in January. The average for the last six months also rose slightly to $320,717. The median price for condominiums in February, however, declined to $285,444. The average price of all townhomes sold last month declined to $415,591 from $447,792 in January. The median price also declined to $393,000 from the previous month, while the six month average declined slightly to $432,194.
MLS® sales last month included 264 single family homes, 134 condominiums, 52 townhomes and 17 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®.