July 2, 2010
Good Choices Available for Buyers as
Sales Soften and Inventory Rises in June
Greater Victoria home buyers have a growing number of properties from which to choose as inventory levels rose to 4,730 properties available for sale at the end of June – up 25 per cent from the 3,794 available properties a year earlier. Sales, meantime, softened last month while overall prices showed little change.
A total of 625 homes and other properties sold in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 695 sales in May. There were 946 sales in June of last year.
Victoria Real Estate Board President, Randi Masters, noted that total sales so far this year are running just two per cent ahead of the same period a year ago. “We are seeing a reverse trend to a year ago when sales were slow in the early part of the year then picked up considerably in the spring and summer; this year sales have now begun to slow somewhat following a strong start to the year.” Masters added that despite the increase in the number of properties available for sale, prices have remained very stable. “Last month showed very little change in overall prices and with the growing inventory of available properties we do not anticipate any significant upward pressure on prices in the near future.”
Overall average prices for single family homes and condominiums rose slightly last month while prices for townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $649,280 up from $646,483 in May. The median price declined to $560,822. The six-month average showed little change at $635,893. There were 27 sales of over $1 million including two on the Gulf Islands. The overall average price for condominiums was $331,131 last month, up from $324,005 in May. The average for the last six months was $325,664. The median price for condominiums in June rose to $295,000. The average price of all townhomes sold last month was $429,549 down slightly from $430,713 in May. The median price declined to $405,500. The six month average was $447,573.
MLS® sales last month included 326 single family homes, 168 condominiums, 67 townhomes and 20 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®.