Real Estate Team

VREB Sales Report - March 2011

April 1, 2011

Real Estate Activity Picks Up in March

The number of property sales throughout Greater Victoria rose in March for the second consecutive month while prices for all major property types registered modest increases. A total of 622 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 488 sales in February. There were 789 sales in March of last year.

Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in sales last month, coupled with stable prices, shows continued consumer confidence in the market. “The latest figures offer further evidence of the return to balanced market conditions. There will always be month-to-month fluctuations in both sales and prices but barring any unforeseen developments we anticipate continued stability in the market in the coming months.”

Fimrite added that the number of properties available for sale rose at the end of last month, “It is usual for more people to consider putting their homes up for sale as we head into spring and summer.” There were 4,100 properties available for sale at the end of March – up from 3,714 properties available at the end of February. Inventory levels are currently ten per cent higher than a year ago.

The average price for single-family homes sold in Greater Victoria last month was $619,275 up from $610,975 in February. The median price rose slightly to $568,500 (up from $564,950)while the six-month average also rose to $625,992. There were 22 single family home sales of over $1 million in March.

The overall average price for condominiums was $325,581 last month, up slightly from $323,844 in February. The average for the last six months also rose slightly to $325,188. The median price for condominiums in March rose to $290,000 (up from $285,444). The average price of all townhomes sold last month rose to $434,626 from $415,591 in February. The median price also rose to $408,150 (up from $393,000) while the six month average declined slightly to $431,975.

MLS® sales last month included 351 single family homes, 172 condominiums, 75 townhomes and 10 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®.