Victoria real estate market hot again; sales numbers near record levels
Victoria's real estate market is heating up again, proving the appeal of the region.
Photograph by: File, Times Colonist
Victoria’s real estate market is officially hot again now that June sales numbers hit their third highest monthly level in recent years and single-family prices continue climbing.
The total of number of sales in June was 946, trailing only 2007 when May had 963 sales and June had 949. The previous high was set in May 1991, with 1,083 sales, the Victoria Real Estate Board said Thursday.
Of the 946 properties, the vast majority were residential but numbers also include 12 commercial properties, all sold through the board’s Multiple Listing Service.
Last month’s sales reflect a whopping 31 per cent increase from 723 in June 2008, and were up by seven per cent from May 2009 when 879 properties changed hands.
“For the past couple of months, we have seen growing strength in the market as many people who were waiting to see which direction the market would move in have decided now is the time to buy,” Chris Markham, Victoria Real Estate Board president, said Thursday.
This rebound is stronger than anticipated, he said.
June sales included 539 single-family houses, 242 condos, and 104 townhomes. The total value of all sales was $447.6 million, the board said.
The average price of a single-family house sold through the board’s Multiple Listing Service increased to $588,186 last month, up from $573,442 in May. The median in June was $529,900.
Saanich East led the region in the number of total single-family sales, at 94, followed by Langford at 60, and Victoria at 42.
There was a slight decrease in the average price for condominiums, at $298,200 in June. May’s average was $306,971. The median in June was $275,000.
Victoria had the highest number of condo sales, at 99, followed by Langford at 40.
Townhomes saw an average price increase, rising to $413,218 in June, up from $400,788 in May. The median remained the same month-over-month at $375,000.
After a dramatic drop in sales when the economic downturn kicked in last year, the market began recovering this year, starting with the housing in lower end of pricing. The real estate sector has seen sales increase along the pricing ladder as the market regains its strength.
Last month brought 26 sales of more than $1 million, including one Uplands home at more than $5 million, the board said.
Inventory has tightened up since June of last year, helping drive demand. Last month, there were 3,794 properties for sale, a decrease of 16 per cent from the 4,513 on the market in June 2008.
“The drop in available inventory is also reflected in the price increases for single family homes and townhomes that we saw last month,” Markham said.
cjwilson@tc.canwest.com
