Greater Victoria's housing sales jumped in July
Photograph by: Staff , Times Colonist
Greater Victoria’s housing market remained strong in July, hitting the highest number of sales for that month since 1990.
A total of 933 homes and other properties sold through the Victoria Real Estate Board’s multiple listing service last month, up 51 per cent compared with July 2008 when 616 properties changed hands.
At the peak of the market in 2007, a total of 922 properties were sold. The board’s monthly sales tables date to 1990.
Greater Victoria’s real estate market slowed dramatically late last year and early this year. It picked up in the past few months as the market became more balanced and interest rates remained low.
July’s sales totals came in slightly below June, when 946 sales took place, the board said today.
The average price for a single-family home moved down slightly to $565,469 in July, from $588,186 in June. The median price was $520,000.
Saanich East led the way among single-family home sales, with 92 changing hands in July, followed by Langford at 59, Saanich West at 50, and Sooke at 49.
A total of 516 single-family homes sold through the board in July and of those, 471 were within Greater Victoria.
Last month’s average price for a Greater Victoria condominium climbed to $328,441, an increase from $298,200 in June. The median was $290,000. Victoria saw the highest number of condo sales at 103 (plus a further 15 in Vic West), followed by Saanich East at 41.
Townhomes earned an average price of $443,109 last month, up from $413,218 in June. The median was $421,000.
Chris Markham, board president, said sales point to rising consumer confidence.
“There are indications that the recession is nearing an end and people are feeling more confident in the economy and consequently more confident about making a move up or down in the housing market, depending on their needs.”
Overall sales so far in 2009 are about two per cent higher than the same months last year, he said.
“The year began very slowly but the rebound in the past four months has been significant.”
The total inventory declined in July to 3,632, reflecting a decrease of 20 per cent from 4,557 in July 2008.
“The decline in the number of properties available for sale means we can expect some upward pressure on prices, though it is important to note there will always be month-to-month fluctuations in prices depending on the properties sold,” Markham said.
