The Greater Victoria set another record price for Single Family Homes. The average price has now surpassed the $630,000 dollar mark. Where is going to go from here? Please read the article below from the Victoria Real Estate Board:
Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in March but down from the 898 sales in the same month a year ago. Overall prices remain steady but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the average price of single family homes to a new record high.
Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for sale continues to increase. "In April, there were 3,859 properties available for sale - a 17 per cent increase over the 3,305 properties on the market in April of 2007. This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers."
Joe added that despite the record high average price for single family homes, overall prices remained steady last month. "The relatively large number of high-priced sales had a substantial impact on the average price of single family homes in Greater Victoria, pushing this figure to a new record high of $630,295 but it is important to note that the median or mid-range price was substantially lower at $558,000." Joe noted that nearly 28% of single family homes last month sold for under $475,000.
The average price of all condominiums sold in April was $325,975; the average for the last six months was $328,915. The median was again lower at $294,900. The average price of all townhomes sold last month was $420,658; the six month average was $440,364. The median price was $407,450.
MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and 20 manufactured homes.
Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs
If you have any questions about the market or would like to discuss the buying and or selling process feel free to conact us. We would love to help. Also for more Real Estate news visit our website: www.PropertiesinVictoria.com and log onto Quarterly Report or Victoria Market Update
CheersBill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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