Real Estate Sales Increase Prices Steady in February

March 1, 2007

The number of sales of homes and other properties throughout Greater Victoria jumped by 60 per cent in February. Prices, meantime, remained stable. There were 707 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, up significantly from the 442 sales in January. There were 658 sales in February of 2006. The number of properties available for sale on MLS® continues to increase. There were 2,919, properties listed for sale at the end of last month compared to 2,320 properties in the same month a year ago. Victoria Real Estate Board President, Bev McIvor, says the strong volume of sales and robust prices are good news for both buyers and sellers. "The figures offer clear evidence of continued strength and confidence in the market. At the moment there is every indication that this stability will continue as we head into spring." McIvor added that the market offers a wide choice for buyers. "At the high end there were 17 single family sales of over $1 million in February but it’s important to note that over 25 per cent of single family homes sold for less than $400,000 and over 44 per cent of condominiums sold for less than $250,000." The average price of single family homes sold in Greater Victoria last month was $534,101; the average for the last six-months was $527,103. The median was lower at $472,000. The average price of all condominiums sold in February was $283,246; the average for the last six months was $305,635. The median was again lower at $263,750. The average price of townhomes sold last month was $387,281; the average for the last six months was $376,639. The median was $370,000. MLS® sales last month included 372 single family homes, 211 condominiums, 63 townhomes and 17 manufactured homes.