Second Quarter Strength in Greater Victoria Real Estate Market
June 3, 2013
VICTORIA BC - Greater Victoria real estate sales for May are identical to the same period one year ago: 659 properties sold on the MLS® System.
"We are continuing to see improved consumer confidence in the marketplace," says Shelley Mann, President of the Victoria Real Estate Board. "Our Members are much busier with showings and writing offers, but say they are working harder to help their clients satisfy stricter lending rules. This quarter is definitely much stronger than the first quarter of 2013."
Buyers remain price sensitive. "Homeowners who are pricing their properties competitively, not expecting the higher sale prices of 2008, are selling their homes," Mann says. "With 4,783 active listings, buyers have plenty to choose from. With higher sales volumes and a reasonable inventory level, Greater Victoria continues to edge towards a balanced market."
There were 384 single family homes sold in May at a median price of $515,000, down 3.4% over May 2012 at $533,000. Condominium sales were 142 at a median price of $289,500 and 68 townhomes sold at a median price of $400,000. "With average and median prices fluctuating on a monthly basis, it's more important than ever for consumers to consult a REALTOR®," Mann says.
Total Waterfront Single Family Dwellings sold: 18, up 3 over May 2012
Total Non-waterfront Single Family Dwellings sold: 366, down 7 over May 2012
Single Family Dwellings sold over $1 million: 18 (2 over $2 million)
Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island
When Interpreting Our Statistics
To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any. Average Price is the total dollar volume of sales for the period divided by the number of sales in the period. Six Month Average is the total dollar volume of sales for the last six months divided by the total number of sales in the last six months. Median Price is the middle price in the list of sale prices when sorted from lowest to highest. There are an equal number of prices both above and below the median. Where there are an even number of prices in the sorted list, we calculate the median price as the average of the two middle prices.
The use of sale price statistics 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, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.
Courtesy of the Victoria Real Estate Board