Activity Continues in Favourable Victoria Real Estate Market Conditions

VICTORIA BC - Real estate activity continues to be steady in Greater Victoria, reflecting favourable conditions attributed to stable pricing, low interest rates and good selection.

Total MLS® sales for July 2012 were 523 compared to 523 for the same period in 2011. During the month, 293 single family homes sold throughout the Victoria Real Estate Board’s region, on par with the 283 sold in July 2011. The average price for single family homes sold in Greater Victoria last month was $580,563, up slightly over July 2011’s average was $574,717. Of note, the median price varies by only $100 year over year. There are 5,178 active listings.

"The market is holding steady, reflecting that good properties that are priced well are selling," says Carol Crabb, President of the Victoria Real Estate Board. "Combined with lots of selection and low interest rates, buyers have good opportunities to buy real estate in the Greater Victoria market. The downward adjustment in volume follows our historical cycle as we transition from a spring to summer market."

Other categories are also holding steady. One variation is that condominium average and median prices are slightly higher, likely resulting from new product on the market.