Choices Increase for Buyers

Buyers looking for properties to purchase have increasingly more choices as the number of properties available for sale on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) rose again last month. A total of 3,318 properties of all kinds were available for sale in July - that’s 46% higher than the 2,275 properties available for sale in July of last year.

Victoria Real Estate Board President, Scott Kendrew, notes that while sales have softened slightly, prices have remained relatively stable and are up compared to the beginning of the year. "So far this year there have been 5,125 sales of all property types compared to 5,526 sales in the first seven months of last year. The six-month rolling average price of single family homes in Greater Victoria meantime, has increased from $492,786 in January to $524,437 in July." Over a third of all single family home sales in July were for under $400,000; 14 single family homes sold for over $1 million.

There were 677 sales of properties of all kinds through the MLS® system in July - down from 762 sales in June and 769 sales in July of last year.

The average price for single family homes in Greater Victoria last month was $514,358; the average for the last six-months was $524,437. The median was substantially lower at $438,500. The average price for all condominiums sold in July was $292,639; the average for the last six months was $278,866. The median was again lower at $255,000. The average price for townhomes last month was $381,373; the average for the last six months was $363,636. The median was $348,900.

MLS® sales last month included 379 single family homes, 193 condominiums, 61 townhomes and 18 manufactured homes.