July Property Sales Return to Historically Average Level
Property sales throughout the Greater Victoria area in July returned to the kind of normal level seen in the late
1990s while overall prices declined slightly compared to June. A total of 527 homes and other properties sold in
July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 625 sales in June.
There were 933 sales in July of last year.
Victoria Real Estate Board President, Randi Masters, noted that in the summer months a decade ago there were
typically between 450 and 550 sales each month. “Last month’s sales reflect a return to these historically
average levels compared to the significantly higher levels seen between 2001 and 2007 when we had a very
active market.” Masters added that sales activity is expected to pick up again next year as we return to a more
balanced market over the coming months.
The number of properties available for sale last month declined to 4,477 but this was still 23 per cent higher
compared to the 3,632 available properties in July of last year.
Masters noted that the steadily rising number of properties available for sale in recent months offers buyers a
wide choice from which to choose. “Buyers are in less of a hurry given the higher number of properties available
for sale and it’s important for sellers to consult with their REALTOR® in order to price their home realistically in
order to attract qualified buyers,” she added.
The average price for single-family homes sold in Greater Victoria last month was $615,004 down from $649,280
in June. The median price showed little change at $560,000. The six-month average declined slightly to
$632,283. There were 16 sales of over $1 million including one on the Gulf Islands. The overall average price
for condominiums was $322,905 last month, down from $331,131 in June. The average for the last six months
was $326,592. The median price for condominiums in July declined slightly to $289,900. The average price of all
townhomes sold last month was $420,578 down from $429,549 in June. The median price declined to $388,000.
The six month average was $444,228.
MLS® sales last month included 299 single family homes, 136 condominiums, 44 townhomes and 18
Taken from VREB Statistical Digest, August 2010