VREB 2008 July stats report

Summer Sales Soften – Most Prices Show Little Change
Sales of homes and other properties in the Greater Victoria area softened last month though prices for
single family homes and townhomes showed little change. The average price for condominiums
moderated somewhat. A total of 616 homes and other properties sold in July through the Victoria Real
Estate Board’s Multiple Listing Service® (MLS®) compared to the 723 sales in June. There were 922
sales in July of last year.
Victoria Real Estate Board President, Tony Joe, notes that today’s balanced market and a larger
inventory of properties for sale give buyers more choice and flexibility. “The number of properties
available for sale increased modestly from the previous month rising to 4,557. However, that
represents a 34% increase compared to July of last year and inventory now stands at the highest level
since May, 1998.” Joe notes that prices remain stable. “The overall average price of single family
homes and townhomes showed little movement last month,” said Joe. The average price of single
family homes in Greater Victoria last month was $578,177; the six-month average was $596,659
though the median was considerably lower at $529,900. Eighteen single family homes sold for over $1
million, including three sales on the Gulf Islands.
The average price of all townhomes sold last month was $454,918; the six month average was
$435,786. The median price was $417,450. Joe noted that the overall average price for condominiums
at $302,536 moderated last month, the lowest monthly average since May, 2007. “It’s important to
note, however, that the average for the last six months was $324,583 showing little change from the
$326,904 six month average at the beginning of the year,” added Joe. The median price for
condominiums in July was $285,000.
MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10
manufactured homes.