Real Estate Sales - February

Real Estate Sales Surge in February Prices Remain Stable

Sales of homes and other properties surged ahead in February, recording a 32% increase over January’s sales. There were 658 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, up from 496 sales in January. Sales last month were very close to the 662 sales in February of last year.
Victoria Real Estate Board President, Scott Kendrew, notes that there are now more properties available for sale. "In February, there were 2,320 properties of all kinds available for sale - that’s 10% higher than in February of last year and helps maintain stability in the market."
Prices, meantime, remained steady. The average price for single family homes in Greater Victoria last month was $492,483; the average for the last six months was $486,699. The median price for single family homes at $428,450 was substantially lower than the average. The average price for all condominiums sold in February was $253,660; the average for the last six months was $263,550. The median was again lower at $232,000. The average price for townhomes in February was $344,325; the average for the last six months was $354,636 and the median last month was $331,000.
Kendrew notes that in February there were 12 single family homes that sold for over $1million and three condominiums that sold for over $700,000 but the market continues to offer a wide choice of price options to buyers. "Over 35% of single family homes sold for under $375,000 last month and nearly one third of all condominium sales were for less than $200,000."
MLS® sales last month included 359 single family homes, 166 condominiums, 62 townhomes and 14 manufactured homes.
Statistics courtesy of the Victoria Real Estate Board