The stats are in. All in all August was a good month for real estate sales in Victoria. The median selling price on a single family home in Greater Victoria was $547, 000, the average was $652,841 and the six-month average was $621,960.
The overall average price for condominiums last month was $339,047, the six month average was $329,951 and the median was $271,500.
Sales were up from August last year with a total of 542 homes sold which is a great sign that our housing market is stable. While last month’s sales were strong overall inventory is still robust.
So what does this mean? If you’re a buyer this is a great time to get into the market. Interest rates remain low providing greater accessibility to the market place and lots of inventory means you’ve got more choices.
If you’re a seller be sure to put your best foot forward. Things like decluttering and staging your home can go a long way if you want to outperform your competition.
Vancouver, BC – June 30, 2011.
The British Columbia Real Estate Association (BCREA) released its 2011 Second Quarter Housing Forecast today. BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 5 per cent from 74,640 units in 2010 to 78,200 units this year, before increasing a further 3.1 per cent to 80,700 units in 2012.
“Home sales will post some modest gains over the next two years,” said Cameron Muir, BCREA Chief Economist. “However, positive housing fundamentals like job growth, rising wages and an expanding population base will be somewhat offset by higher borrowing costs over the next eighteen months.”
“Following a decade where unit sales broke all records, consumer demand over the next few years will be relatively moderate,” added Muir. The ten-year BC MLS® residential sales average is 87,000 units. A record 106,300 MLS® residential sales were recorded in 2005.
As a REALTOR, we need to stay up to date with current market trends and real estate statistics. One of my favorite sites to check is www.BCREA.com which is the BC Real Estate Association’s website. Here are a few details from their most recent market summery.
“The British Columbia Real Estate Association (BCREA) reports that Multiple Listing Service® (MLS®) residential unit sales in the province declined 14per cent to 7,187 units in April compared to the same month last year. The average MLS®residential price climbed 16 per cent to $598,308 last month compared to April 2010.
“BC home sales edged lower in April as theresult of home purchases that were pulledforward during the first quarter,” said CameronMuir, BCREA Chief Economist. “Theprovince’s housing markets continue to exhibita two steps forward, one step back trajectory intandem with economic and employmentgrowth.”
Year-to-date, BC residential sales dollarvolume increased 14 per cent to $15.4 billion,compared to the same period last year.Residential unit sales edged back one per centto 26,334 units, while the average MLS®residential price rose 15.5 per cent to $586,466 over the same period.”
Courtesy of the BCREA
For more detailed local statistical information, please contact us.
The number of property sales in the Greater Victoria area slowed during August but sales were again significantly higher than a year ago. Prices, meantime, remained stable with some increase for single family homes. A total of 764 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 933 sales in July but up 48 per cent compared to the 517 sales in August of last year.
Victoria Real Estate Board President, Chris Markham, says it is usual for sales to slow in August, “Many people take holidays in August so it is not surprising to see sales soften somewhat. We are very pleased, however, to note the significant increase in sales last month compared to August of a year ago which gives further evidence
of the strengthening of the market.”
There were 3,509 properties available for sale at the end of August, down 25 per cent from the 4,657 properties available in the same month a year ago. “The decline in the number of properties available for sale will continue to place some upward pressure on prices,” said Markham. Sales so far this year are running over six per cent higher than in the first eight months of last year.
The average price for single family homes sold in Greater Victoria last month was $596,498, up from $565,469 in July. Markham noted that the average price was affected by 17 sales of over $1 million. “These included two sales of over $4 million, one in Saanich East and one in Central Saanich, and these had a significant impact on the overall average price,” he stated. The median price increased $20,000 to $540,000. The six-month average was $569,546. The overall average price for condominiums was $317,312 last month, down from $328,441 in July. The average for the last six months was $307,347. The median price for condominiums in August remained unchanged at $290,000. The average price of all townhomes sold last month was $455,430 up from $443,109 in July. The median price dropped slightly to $419,000. The six month average was $421,565.
MLS® sales last month included 403 single family homes, 218 condominiums, 91 townhomes and 11 manufactured homes.
(courtesy of VREB)
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