Arrival of Spring Brings Surge In Real Estate Sales

The arrival of spring brought a significant increase in the number of sales of homes and other properties in the Victoria area real estate market. There were 833 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, up 18 percent from the 707 sales in February. The number of sales last month was virtually unchanged from the 843 sales in March of last year. Meantime, the number of properties available for sale on the MLS® system also increased. There were 3,079 properties listed for sale at the end of last month compared to 2,480 properties in the same month a year ago.

Victoria Real Estate Board President, Bev McIvor, says spring is often one of the busiest times of the year in real estate. "It’s not surprising to see a surge in real estate activity in the spring as people make plans to move to homes that better suit their needs. We’re pleased to see that the market continues to exhibit strength and stability across all sectors." McIvor noted that there were 12 sales of single family homes at over $1 million in March, including one sale in Oak Bay for over $5 million, but that there is lots of choice for more modestly priced homes. "Over 27 per cent of all single family homes last month sold for under $400,000 and 44 percent of all condominiums last month sold for under $250,000."

The average price of single family homes sold in Greater Victoria last month was $542,504; the average for the last six-months was $528,113. The median was lower at $489,900. The average price of all condominiums sold in March was $306,958; the average for the last six months was $308,482. The median was again lower at $266,200. The average price of townhomes sold last month was $375,136; the average for the last six months was $378,941. The median was $345,000.

MLS® sales last month included 458 single family homes, 238 condominiums, 78 townhomes and 16 manufactured homes.