Here are the latest statistics for the Victoria Real Estate Market FOR IMMEDIATE RELEASE October 1, 2013 HOME SALES BOLSTERED BY PROPER PRICING IN GREATER VICTORIA VICTORIA, BC–Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15 per cent. On a monthly scale, total real estate sales in Greater Victoria were up 16 per cent in September 2013 over September 2012. A total of 487 properties sold last month, finishing off a strong third quarter. Residential sales increased by 15 per cent year-over-year, while active listings decreased by 9.5 per cent year-over-year to 4,547. “Last year at this time, sales volumes were being undermined by the amortization changes,” says Shelley Mann, Board President. “This year is following a more historic pattern. Properly priced homes are selling and as a result consumers are responding.” Mann adds that while sales increased over the last four months, prices remained flat. “We don’t expect any significant price increases in the near future,” she says. “Our provincial economist noted that while unit sales are recovering, the weak economy bears watching.” There were 279 single family homes sold in September, an increase of 29 per cent over September 2012, while the median price of $523,900 is up just over one per cent year over year from $517,500. There were 105 condominium sales with a median price of $271,500 and 60 townhomes sold at a median price of $352,750. Total Waterfront Single Family Dwellings sold: 19, up 1 over September 2012 Total Non-waterfront Single Family Dwellings sold: 260, up 62 over September 2012 Single Family Dwellings sold over $1 million: 12 (1 over $4 million) While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®. The Victoria Real Estate Board has 1,224 Members. -Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board 3035 Nanaimo Street, Victoria BC V8T 4W2 - Direct Phone: 250.920.4652 - vreb.org
Posted on: Sun, 06 Oct 2013 02:05:43 +0000
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