Victoria Real Estate Board – July Update

The following is the Victoria area update in sales activity for the month of July from the Victoria Real Estate Board.

Property sales throughout the Greater Victoria area in July returned to the kind of normal level seen in the late 1990s while overall prices declined slightly compared to June. A total of 527 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 625 sales in June. There were 933 sales in July of last year.

Victoria Real Estate Board President, Randi Masters, noted that in the summer months a decade ago there were typically between 450 and 550 sales each month. “Last month’s sales reflect a return to these historically average levels compared to the significantly higher levels seen between 2001 and 2007 when we had a very active market.” Masters added that sales activity is expected to pick up again next year as we return to a more balanced market over the coming months.

Single Family Homes

The number of properties available for sale last month declined to 4,477 but this was still 23 per cent higher compared to the 3,632 available properties in July of last year.

Masters noted that the steadily rising number of properties available for sale in recent months offers buyers a wide choice from which to choose. “Buyers are in less of a hurry given the higher number of properties available for sale and it’s important for sellers to consult with their REALTOR® in order to price their home realistically in order to attract qualified buyers,” she added.

Condominiums

The average price for single-family homes sold in Greater Victoria last month was $615,004 down from $649,280 in June. The median price showed little change at $560,000. The six-month average declined slightly to $632,283. There were 16 sales of over $1 million including one on the Gulf Islands. The overall average price for condominiums was $322,905 last month, down from $331,131 in June. The average for the last six months was $326,592. The median price for condominiums in July declined slightly to $289,900. The average price of all townhomes sold last month was $420,578 down from $429,549 in June. The median price declined to $388,000. The six month average was $444,228.

MLS® sales last month included 299 single family homes, 136 condominiums, 44 townhomes and 18 manufactured homes.

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.