Posted on
August 3, 2011
by
Kevin Ramsay
August
2, 2011
Real
Estate Sales and Prices Soften in July
A
total of 523 homes and other properties sold in July through the
Victoria Real Estate Board’s Multiple Listing Service® (MLS®),
down from 618 sales in June but very close to the 527 sales in July
of last year. Overall prices, meantime, declined somewhat across all
major property types.
Victoria
Real Estate Board President, Dennis Fimrite, noted that despite the
drop in the number of sales last month compared to June, market
activity is now very close to what we saw at this time last year. “In
the coming months, we anticipate that market activity will remain
relatively stable and similar to what we saw during the summer and
early fall months of last year.”
Fimrite
added that the number of properties available for sale continued to
increase at the end of last month with inventory levels currently 14
per cent higher than a year ago. “The available choice for buyers
increased further last month with 5,094 properties available for sale
at the end of July, up slightly from the 5,050 properties available
for sale at the end of June.” Fimrite added that the increasing
inventory means sellers need to be realistic in pricing their homes
in order to attract qualified buyers. “A REALTOR’S® expertise
can be invaluable in today’s market to help sellers price their
homes to best advantage,” added Fimrite.
The
average price for single-family homes sold in Greater Victoria last
month was $581,117, down from $629,292 in June. The median price also
declined to $535,000 (from $569,900) while the six-month average
declined to $615,439. There were 13 single family home sales of over
$1 million in July including two on the Gulf Islands.
The
overall average price for condominiums last month was $315,371, down
from $320,172 in June. The average for the last six months declined
to $327,762. The median price for condominiums in July also declined
to $289,000 (from $300,000). The average price of all townhomes sold
last month declined to $412,178 from $444,768 in June. The median
price also declined to $385,000 (from $399,000) while the six month
average declined to $443,341.
MLS®
sales last month included 283 single family homes, 147 condominiums,
47 townhomes and 19 manufactured homes.
While
the use of average price information can be useful in establishing
trends when applied over a period of time, i.e. Six months or longer,
the Victoria Real Estate Board cautions that an average price does
not indicate the actual value of any particular property. Those
requiring specific information on property values should contact a
REALTOR®.