Estate Sales Soften
May 2, 2011
The number of property sales throughout Greater Victoria
softened in April while prices remained steady, showing
increases for condominiums and townhomes and minor movement
for single family homes. A total of 574 homes and other
properties sold in April through the Victoria Real Estate
Board’s Multiple listing Service® (MLS®),
down from the 622 sales in March. There were 756 sales in
April of last year.
Victoria Real Estate Board President, Dennis
Fimrite, noted that although sales are running below last
year’s levels, the steady prices reflect ongoing stability
in the market. "Sales so far this year are running
over 20 per cent below last year’s levels but it is
important to remember that sales were exceptionally strong
during the first few months of 2010. Tighter credit conditions
and anticipated higher mortgage rates have and will have
some moderating effect on the market and prices are expected
to remain relatively flat and stable for the time being."
Fimrite added that the number of properties available for
sale continued to rise at the end of last month as more
people put their homes up for sale as expected at this time
of year. "There were 4,561 properties available for
sale at the end of April - up from 4,100 properties available
at the end of March. Inventory levels are currently eight
per cent higher than a year ago."
The average price for single-family homes
sold in Greater Victoria last month was $615,533, down slightly
from $619,275 in March. The median price declined to $556,000
while the six-month average also declined to $621,412. There
were 18 single family home sales of over $1 million in April.
The overall average price for condominiums was $353,858
last month, up from $325,581 in March. The average for the
last six months rose to $331,108. The median price for condominiums
in April rose to $301,000. The average price of all townhomes
sold last month rose to $480,621 from $434,626 in March.
The median price also rose to $460,000 while the six month
average rose to $439,450.
MLS® sales last month included 315
single family homes, 153 condominiums, 61 townhomes and
11 manufactured homes.
Courtesy of Victoria
Real Estate Board www.vreb.org