Posted on
March 31, 2010
by
Kevin Ramsay
April
1, 2010
Real
Estate Sales Rise in March
With
the Arrival of Spring
The
number of homes and other properties sold throughout the Victoria
area rose substantially in March compared to both the previous month
and to March of last year. A total of 789 homes and other properties
sold in March through the Victoria Real Estate Board’s Multiple
Listing Service® (MLS®), up 27 per cent from the 621 sales in
February. There were 602 sales in March of last year. Prices for
single-family homes and condominiums rose moderately while prices for
townhomes were mixed.
Victoria
Real Estate Board President, Randi Masters, says the anticipated
increase in interest rates has likely prompted some buyers to make
their move now. “With the recently announced increase in some
mortgage rates and the expected increase in the Bank of Canada rate
later this summer, it is likely that some buyers have decided that
now is the time either to get into the market or make a move up or
down according to their changing needs,” said Masters. “Further
increases in borrowing costs are likely to be gradual, so while there
may be some slowing in market activity later in the year, we
anticipate this will have only a modest impact on market conditions,”
she added.
Masters
noted that the number of properties available for sale again
increased last month, “As of the end of March, there were 3,712
properties available for sale – up from 3,280 the end of February
but still down slightly from 3,859 properties for sale at the end of
March a year ago.”
The
average price for single-family homes sold in Greater Victoria last
month was $633,938 up from $620,833 in February. The median rose to
$569,950. The six-month average was $623,508. There were 33 sales of
over $1 million including one in Oak Bay for over $3 million. The
overall average price for condominiums was $336,779 last month, up
from $304,163 in February. The average for the last six months was
$322,663. The median price for condominiums in March rose to
$305,000. The average price of all townhomes sold last month was
$456,446 down from $460,900 in February. The median price, however,
rose to $439,800. The six month average was $456,368.
MLS®
sales last month included 438 single family homes, 195 condominiums,
91 townhomes and 14 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®.
