Great news for buyers and sellers in Victoria, we just had the strongest summer market in 5 years. The article below is from the Victoria Real Estate Board talking about the property sales over the last three months:
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)