July 2, 2013
GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER
VICTORIA, BC–For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS® System remained strong with 65% more activity in the current quarter than in the first quarter of 2013.
“With 664 sales this month, and 1,938 sales this quarter, the market is definitely rebounding,” says President Shelley Mann. “We are now headed into the quieter summer months, so I’m interested to see where this leads.”
There were 382 single family homes sold in June at a median price of $525,250, up 1% over June 2012 at $520,000. Condominium sales were 164 at a median price of $265,000 and 79 townhomes sold at a median price of $365,000. There were 4,833 active listings on the MLS® System at the end of June, bringing the active-listings-to-sales ratio to 17%, well within the balanced market range.
“While sales are up, prices remain flat,” Mann says. “It is more important than ever to focus on the median prices. With six family home sales between $2 million and $7 million in June, the average price was pulled higher. The median price – the middle price – remained stable.”
Mann also advises buyers to consider long-term mortgages as she is hearing that long-term rates are starting to increase and lenders are providing fewer discounts on posted interest rates.
Total Waterfront Single Family Dwellings sold: 18, up two over June 2012
Total Non-waterfront Single Family Dwellings sold: 364, up 10 over June 2012
Single Family Dwellings sold over $1 million: 27 (6 over $2 million)
While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,230 Members.