August 2, 2011
Real Estate Sales and Prices Soften in July
A total of 523 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 618 sales in June but very close to the 527 sales in July of last year. Overall prices, meantime, declined somewhat across all major property types.
Victoria Real Estate Board President, Dennis Fimrite, noted that despite the drop in the number of sales last month compared to June, market activity is now very close to what we saw at this time last year. “In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last year.”
Fimrite added that the number of properties available for sale continued to increase at the end of last month with inventory levels currently 14 per cent higher than a year ago. “The available choice for buyers increased further last month with 5,094 properties available for sale at the end of July, up slightly from the 5,050 properties available for sale at the end of June.” Fimrite added that the increasing inventory means sellers need to be realistic in pricing their homes in order to attract qualified buyers. “A REALTOR’S® expertise can be invaluable in today’s market to help sellers price their homes to best advantage,” added Fimrite.
The average price for single-family homes sold in Greater Victoria last month was $581,117, down from $629,292 in June. The median price also declined to $535,000 (from $569,900) while the six-month average declined to $615,439. There were 13 single family home sales of over $1 million in July including two on the Gulf Islands.
The overall average price for condominiums last month was $315,371, down from $320,172 in June. The average for the last six months declined to $327,762. The median price for condominiums in July also declined to $289,000 (from $300,000). The average price of all townhomes sold last month declined to $412,178 from $444,768 in June. The median price also declined to $385,000 (from $399,000) while the six month average declined to $443,341.
MLS® sales last month included 283 single family homes, 147 condominiums, 47 townhomes and 19 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®.