HOME SALES BOLSTERED BY
PROPER PRICING IN GREATER VICTORIA
Finishing up the strongest third quarter since 2009, the Victoria Real Estate Board reports that properly priced homes are selling which, along with reduced inventory levels, contributed to favourable market conditions. Q3 sales totalled 1,610, a year-over-year increase of nearly 15 per cent.
On
a monthly scale, total real estate sales in Greater Victoria were up 16 per
cent in September 2013 over September 2012. A total of 487 properties sold last month,
finishing off a strong third quarter. Residential sales increased by 15 per
cent year-over-year, while active listings
decreased by 9.5 per cent year-over-year to 4,547.
“Last year at this
time, sales volumes were being undermined by the amortization changes,” says
Shelley Mann, Board President. “This year is following a more historic pattern.
Properly priced homes are selling and as a result consumers are responding.”
Mann
adds that while sales increased over the last four months, prices remained
flat. “We don’t expect any significant price increases in the near future,” she
says. “Our provincial economist noted that while unit sales are recovering, the
weak economy bears watching.”
There
were 279 single family homes sold in September, an increase of 29 per cent over
September 2012, while the median price of $523,900 is up just over one per cent
year over year from $517,500. There were 105 condominium sales with a median
price of $271,500 and 60 townhomes sold at a median price of $352,750.
Total Waterfront Single Family Dwellings
sold 19, up 1 over
September 2012
Total Non-waterfront Single Family
Dwellings sold: 260, up 62
over September 2012
Single Family Dwellings sold over $1
million: 12 (1 over $4
million)