Greater Victoria Residential Real Estate Transitions to a Balanced Market

May 1, 2013

VICTORIA, BC–Weighing in on the best April since 2010, Shelley Mann, President of the Victoria Real Estate Board, is cautiously optimistic that Greater Victoria is back into a balanced market.
 
“Consumer confidence is increasing,” Mann says. “Our total number of sales for April was 615, a 5% increase compared to April 2012 with 586 sales.  On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers’ market to more balanced market conditions.”
 
Mann cautions that one month doesn’t indicate a market trend, but is encouraged by increased showings by REALTORS®, the number of sales, and comments from other REALTORS® about multiple offers on properties.
 
Prices remained relatively flat, as predicted by Cameron Muir, Chief Economist of the BC Real Estate Association. There were 367 single family homes sold in April at a median price of $540,000, a 16% increase of homes sold over April 2012. Condominium sales were 149 at a median price of $265,000 and with 62 townhomes sold at a median price of $415,450. There were 4,585 listings active at the end of April.
 
Total Waterfront Single Family Dwellings sold:                     15, up 2 over April 2012
Total Non-waterfront Single Family Dwellings sold:          352, up 39 over April 2012
Single Family Dwellings sold over $1 million:                                         30 (5 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®.

Graphical representation of recent sale counts and average prices

Stats Quick Reference

Tablular representation of sales statistics from the last two months and from last year

  Total Single Family All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island


Notes for 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®.


From the Greater Victoria Real Estate Board, May 2013.

Rosie Siegel

Rosie Siegel

REALTORĀ®
CENTURY 21 Queenswood Realty Ltd.
Contact Me