Real Estate Activity Picks Up in March
The number of property sales throughout Greater Victoria rose inMarch for the second consecutive month while prices for all major propertytypes registered modest increases. A total of 622 homes and other propertiessold in March through the Victoria Real Estate Board’s Multiple listingService® (MLS®), up from the 488 sales in February. There were 789 sales inMarch of last year.
Victoria Real Estate Board President, Dennis Fimrite, commentedthat the increase in sales last month, coupled with stable prices, shows continued consumer confidence in the market. "The latest figures offer further evidence of the return to balanced market conditions. There will always be month-to-month fluctuations in both sales and prices but barring anyunforeseen developments we anticipate continued stability in the market in thecoming months." Fimrite added that the number of properties available forsale rose at the end of last month, "It is usual for more people toconsider putting their homes up for sale as we head into spring and summer." There were 4,100 properties available for sale at the end ofMarch - up from 3,714 properties available at the end of February. Inventory levels are currently ten per cent higher than a year ago.
The average price for single-family homes sold in Greater Victoria last month was $619,275 up from $610,975 in February. The median price roseslightly to $568,500 while the six-month average also rose to $625,992. Therewere 22 single family home sales of over $1 million in March. The overall averageprice for condominiums was $325,581 last month, up slightly from $323,844 in February. The average for the last six months also rose slightly to $325,188.The median price for condominiums in March rose to $290,000. The average price of all townhomes sold last month rose to $434,626 from $415,591 in February.The median price also rose to $408,150 while the six month average declined slightly to $431,975.
MLS® sales last month included 351 single family homes, 172condominiums, 75 townhomes and 10 manufactured homes.