Spring Perks Up Greater Victoria Real Estate Market

VICTORIA BC - The Victoria Real Estate Board reports a total of 394 sales were processed through the Multiple Listing Service (MLS®) in February, an increase of 34% over the previous month. The highest activity was in single-family homes and condominiums.

 

Compared to February 2012, sales were down by 18.26%. Shelley Mann, President of the Board, says it's more important to look at monthly trends and compare monthly buying behaviour year-over-year. "The trend lines for November, December and January are the same for the last three years.

 

"We've seen a slow increase in sales activity over the last three months and we still hold to our forecast of a modest 2-4% sales increase in 2013," Mann says.

 

"The typical spring market is perking up. I spoke to 10 REALTORS® yesterday and nine said they are experiencing definite increases in their activity over the last two months and have a positive outlook. Many buyers are still waiting for prices to drop, but it's clear to me that sellers are in a holding pattern regarding the value of their homes," Mann says. "However, if a house is priced properly, within the market value range, it will likely sell more quickly."

 

The median price of a single family home is $505,500 compared to $530,250 in February 2012, a decrease of 4.67%. The six-month average shows an increase of less than one percent year-over-year, and a less than one percent decrease over last month. "In other words, no change," Mann adds.

 

There were 112 condominium sales in February, a 38.27% increase over January 2013. While the median price of $270,500 for condominiums is down 2.08% year-over-year, it increased 13.49% over January 2013. Townhouses saw increased sales in the past month with a median price of $337,500, which is down by 11.65% year-over-year and 10.82% since January 2013. Current active listings at the end of February were 4,072.

 

Total Waterfront Single Family Dwellings sold: 12, up 5 over February 2012 Total Non-waterfront Single Family Dwellings sold: 203, down 55 sales from February 2012 Single Family Dwellings sold over $1 million: 11 (3 over $2 million).

 

 

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