Home Sales Bolstered by Proper Pricing in Greater Victoria
October 1, 2013
VICTORIA BC - Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15 per cent.
On a monthly scale, total real estate sales in Greater Victoria were up 16 per cent in September 2013 over September 2012. A total of 487 properties sold last month, finishing off a strong third quarter. Residential sales increased by 15 per cent year-over-year, while active listings decreased by 9.5 per cent year-over-year to 4,547.
"Last year at this time, sales volumes were being undermined by the amortization changes," says Shelley Mann, Board President. "This year is following a more historic pattern. Properly priced homes are selling and as a result consumers are responding."
Mann adds that while sales increased over the last four months, prices remained flat. "We don't expect any significant price increases in the near future," she says. "Our provincial economist noted that while unit sales are recovering, the weak economy bears watching."
There were 279 single family homes sold in September, an increase of 29 per cent over September 2012, while the median price of $523,900 is up just over one per cent year over year from $517,500. There were 105 condominium sales with a median price of $271,500 and 60 townhomes sold at a median price of $352,750.
Total Waterfront Single Family Dwellings sold: 19, up 1 over September 2012
Total Non-waterfront Single Family Dwellings sold: 260, up 62 over September 2012
Single Family Dwellings sold over $1 million: 12 (1 over $4 million)
Stats Quick Reference
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 Victoria Real Estate Board, October 2013