Strong Sales Activity Continues in Greater Victoria Real Estate Market
August 1, 2013
VICTORIA BC - Total real estate sales in Greater Victoria were up 11.5% in July 2013 over July 2012, the Victoria Real Estate Board reports.
"Sales numbers are slightly lower than in June, but that’s part of our normal summer market cycle. When seasonally adjusted, our market activity remains strong for this time of year," says Shelley Mann, Board President.
"Despite the brisk activity, we continue to see housing prices remain flat," Mann says. "With fewer properties listed at the end of July, we are still narrowly into a balanced market."
With 583 sales in July and 4,772 active listings on the MLS® System at month end, the sales-to-active-listings ratio is 15%. Generally, analysts define a balanced market as when the ratio is between 15 and 20%.
There were 345 single family homes sold in July, an increase of 17.7% over July 2012, while the median price of $521,000 is down 1.7% year over year from $530,000. There were 127 condominium sales with a median price of $265,000 and 70 townhomes sold at a median price of $360,750.
"We are also seeing multiple offers on some properties," Mann says, "although these offers are not always over the asking price, illustrating the importance of consulting a REALTOR® to gain individual neighbourhood insight."
Total Waterfront Single Family Dwellings sold: 18, up four over July 2012
Total Non-waterfront Single Family Dwellings sold: 327, up 48 over July 2012
Single Family Dwellings sold over $1 million: 19 (2 over $2 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, August 2013