Real Estate Information Archive

Spring Sales Soften in May - Choices Increase for Buyers

June 1, 2010

The number of homes and other properties sold throughout the Victoria area softened in May while the choices for buyers increased with a further rise in the number of properties available for sale.

A total of 695 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 756 sales in April. There were 879 sales in May of last year. Prices were mixed depending on the property type.

Some softening in the number of sales was expected due to anticipated increases in interest rates and pressure on affordability as a result of rising prices. So far this year sales are running nearly 14 per cent ahead of the first five months of last year but it’s important to note that the first few months of this year were very strong compared to the same period a year ago when the effects of the recession were still being strongly felt.

Further increases in the number of properties available for sale should temper upward price pressures as buyers enjoy a wider selection of properties from which to choose. As of the end of May, there were 4,521 properties available for sale - up from 4,229 at the end of April. The available inventory is now 19 per cent higher than the 3,789 properties for sale at the end of May a year ago.

Overall prices for single family homes rose last month while prices for condominiums and townhomes moderated. The average price for single-family homes sold in Greater Victoria last month was $646,483 up from $624,149 in April. The median price rose to $594,500. The six-month average was $635,477. There were 24 sales of over $1 million including one sale in Oak Bay of over $3.5 million. The overall average price for condominiums was $324,005 last month, down from $340,105 in April. The average for the last six months was $327,064. The median price for condominiums in May declined to $290,050. The average price of all townhomes sold last month was $430,713 down from $449,556 in April. The median price declined to $418,000. The six month average was $453,798.

MLS® sales last month included 394 single family homes, 202 condominiums, 63 townhomes and 12 manufactured homes.

June 1, 2009

The Greater Victoria area housing market gained additional strength last month with a significant increase in sales along with firm prices. A total of 879 homes and other properties sold in May through the Victoria Real Estate Board's Multiple Listing Service® (MLS®), up 17 per cent from the 747 sales in April and up 14 per cent compared to the 770 sales in May of last year. Prices for single family homes and condominiums were up slightly while townhome prices showed little change.

Victoria Real Estate Board President, Chris Markham, says there is every indication the rebound in the market will continue in the months ahead, "For the past two months sales have been higher than in the same months a year ago and prices appear to be strengthening in key sectors." Markham noted that the number of properties available for sale dropped last month. In addition, continuing attractive interest rates and growing consumer confidence are helping to fuel activity which is particularly strong in the mid-price range. "Over half of the single family homes sold last month were priced between $400,000 and $600,000." There were 33 sales of single family homes over $1 million including six on the Gulf Islands. There were 3,789 properties available for sale at the end of May, down 13 per cent from the 4,332 properties available in the same month a year ago.

The average price for single family homes sold in Greater Victoria last month was $573,442, up from $550,736 in April. The median price also rose to $525,000. The six-month average was $550,756. The overall average price for condominiums was $306,971 last month, up from $292,252 in April. The average for the last six months was $292,766. The median price for condominiums rose in May to $279,500. The average price of all townhomes sold last month was $400,788, virtually unchanged from $400,695 in April. The median price dropped slightly to $375,000. The six month average was $397,224.

MLS® sales last month included 514 single family homes, 223 condominiums, 88 townhomes and eight manufactured homes.