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News Flash: Victoria BC Average House Prices Set NEW Record in April

Victoria Real Estate News May Update:

Victoria Real Estate Remains Stable in March 

 

Sales of homes and other properties in the Victoria area moderated in April with a total of 768 sales

through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 707 sales in

March but down from the 898 sales in the same month a year ago. Overall prices remain steady

but 28 sales of over $1 million, including two sales in Oak Bay of over $2 million, pushed the

average price of single family homes to a new record high.

 

Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for

sale continues to increase. “In April, there were 3,859 properties available for sale – a 17 per cent

increase over the 3,305 properties on the market in April of 2007. This increase in inventory

coupled with a moderation in the number of sales offers further indication of a more balanced

market that offers stability for both buyers and sellers.”

Joe added that despite the record high average price for single family homes, overall prices

remained steady last month. “The relatively large number of high-priced sales had a substantial

impact on the average price of single family homes in Greater Victoria, pushing this figure to a new

record high of $630,295 but it is important to note that the median or mid-range price was

substantially lower at $558,000.” Joe noted that nearly 28% of single family homes last month sold

for under $475,000.

 

The average price of all condominiums sold in April was $325,975; the average for the last six

months was $328,915. The median was again lower at $294,900. The average price of all

townhomes sold last month was $420,658; the six month average was $440,364. The median price

was $407,450.

MLS® sales last month included 395 single family homes, 235 condominiums, 80 townhomes and

20 manufactured homes.

Source VREB

Published Friday, May 02, 2008 7:01 AM by Fred Carver Personal Real Estate Corporation

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