Strongest Summer in Five Years for Property Sales in Greater Victoria
September 3, 2013
VICTORIA BC - Summer-time real estate sales numbers were the best they've been in Greater Victoria in five years. There was a total of 1,787 sales in June, July and August.
On a monthly scale, total real estate sales in Greater Victoria were up 16.8 per cent in August 2013 over August 2012, the Victoria Real Estate Board reports. A total of 540 properties sold in August, finishing off a strong summer market.
"I'm very pleased with the August results. MLS® sales are strong and, with 4,593 active listings in all categories at month end, we remain on the cusp of a balanced market," says Shelley Mann, President of the Victoria Real Estate Board.
The BC Real Estate Association defines a balanced market as when the ratio of sales to active listings is between 15 and 20 per cent. At month end, Victoria's ratio for residential properties was 14 per cent.
There were 308 single family homes sold in August, an increase of 28.3 per cent over August 2012, while the median price of $529,950 is up less than one per cent year over year from $526,250. There were 125 condominium sales with a median price of $287,000 and 70 townhomes sold at a median price of $415,000.
"Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year. That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 percent," Mann says. "This will vary between neighbourhoods, which is why I always recommend that consumers consult a REALTOR® for local pricing.
"With interest rates starting to increase, many buyers are locking into preapproved mortgages. These consumers should be purchasing in the next three to four months, so I believe the market will remain steady," Mann says.
Total Waterfront Single Family Dwellings sold: 20, up 7 over August 2012
Total Non-waterfront Single Family Dwellings sold: 288, up 61 over August 2012
Single Family Dwellings sold over $1 million: 17 (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, September 2013