Real Estate Team

VREB Sales Report - February 2013

SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET 
VICTORIA, BC–The Victoria Real Estate Board reports a total of 394 sales were processed through the 
Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest 
activity was in single-family homes and condominiums. 
Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it’s 
more important to look at monthly trends and compare monthly buying behaviour year-over-year. “The 
trend lines for November, December and January are the same for the last three years. 
“We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast 
of a modest 2-4% sales increase in 2013,” Mann says. 
“The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are 
experiencing definite increases in their activity over the last two months and have a positive outlook. 
Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern 
regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the 
market value range, it will likely sell more quickly.”
The median price of a single family home is $505,500 compared to $530,250 in February 2012, a 
decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, 
and a less than one percent decrease over last month. “In other words, no change,” Mann adds.
There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median 
price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 
2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is 
down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of 
February were 4,072. 
Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 
Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 
Single Family Dwellings sold over $1 million: 11 (3 over $2 million) 
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®. 

SPRING PERKS UP GREATER VICTORIA REAL ESTATE MARKET VICTORIA, BC


The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums. Compared to February 2012, sales were down by 18.26%.

Shelley Mann, President of the Board, says it’s more important to look at monthly trends and compare monthly buying behaviour year-over-year. “The trend lines for November, December and January are the same for the last three years. “We’ve seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013,” Mann says. “The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it’s clear to me that sellers are in a holding pattern regarding the value of their homes,” Mann says. “However, if a house is priced properly, within the market value range, it will likely sell more quickly.”

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. “In other words, no change,” Mann adds.

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013.

Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013.

Current active listings at the end of February were 4,072. 

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 

Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 

Single Family Dwellings sold over $1 million: 11 (3 over $2 million) 

**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®. **