FLAT MARKET IN APRIL 2012 MAINTAINS BALANCED REAL ESTATE IN GREATER VICTORIA
Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. "That's good news for both buyers and sellers," says the President of the Victoria Real Estate Board (VREB). "The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume."
The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.
"Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®," VREB President says.
Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.
Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.
April 2012 Stats:
Single Family Homes
Units Sold: 316 Average Price: $614,091 Median Price: $554,000
Condos
Units Sold: 171 Average Price: $327,975 Median Price: $277,000
Townhomes:
Units Sold: 62 Average Price: $428,237 Median Price: $416,250
Total Residential Sales: 565 Total Monthly Sales: 586 Total Active Listings: 4,638
Total waterfront Single Family Dwellings sold: 13, down 1 sale over April 2011
Total non-waterfront Single Family Dwellings sold: 316, down 9 sales over April 2011
Single Family Dwellings sold over $1 million: 18 (3 over $2 million)
ZIP Codes: V8V, 3P6 Approximate Location Boundaries: Greater Victoria: Sooke to Sidney to Malahat
Location Characteristics: We are located in Victoria on the southern tip of Vancouver Island, amongst the Gulf Islands in British Columbia, Canada and the San Juan Islands in the U.S.A.
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These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
