Finally – it’s about time!

The Greater Victoria Real Estate Board has just manifested the excellent news to all in a press release which is copied below in its’ entirety (with stats afterward…..)

It has been a painful past 6 months to a year in our market.  That trend seems to have dissipated due to the fact that during April 2013 real estate sales exceeded those of April 2012.  That has not been the case of late.  Less listings went on the market and there were less listings on market at month’s end……spring you say?  Perhaps.  But there has obviously been pent up demand.  Again, a caution…….you can not list your property with unrealistic goals, it will be passed by and ignored.  Price realistically and you will have great success.  Times have changed, buyers know that, sellers have to realize that as well.  There have been many instances of multiple offers over the past few weeks – but only for those sellers who “get it”….

May this activity continue – please enjoy the press release below + stats…..

 

GREATER VICTORIA RESIDENTIAL REAL ESTATE TRANSITIONS TO A BALANCED MARKET

 

VICTORIA, BC–Weighing in on the best monthly sales since April 2010, Shelley Mann, President of the Victoria Real Estate Board is cautiously optimistic that the Greater Victoria is back into a balanced market.

 

“Consumer confidence is increasing,” Mann says. “Our total number of sales for April was 615, a 5% increase compared to April 2012 with 585 sales.  On the residential side, more properties are selling, and slightly fewer are entering the market, so we are moving from a buyers’ market to more balanced market conditions.”

 

Mann cautions that one month doesn’t indicate a market trend, but is encouraged by increased showings by REALTORS®, the number of sales, and comments from other REALTORS® about multiple offers on properties.

 

Prices remained relatively flat, as predicted by Cameron Muir, Chief Economist of the BC Real Estate Association. There were 367 single family homes sold in April at a median price of $540,000, a 16% increase of homes sold over April 2012. Condominium sales were 149 at a median price of $265,000 and with 62 townhomes sold at a median price of $415,450. There were 4,585 listings active at the end of April.

 

Total Waterfront Single Family Dwellings sold:                     15, up 2 over April 2012

Total Non-waterfront Single Family Dwellings sold:          352, up 39 over April 2012

Single Family Dwellings sold over $1 million:                                         30 (5 over $2 million)

 

While the use of average price information can be useful in establishing trends when applied over a period of time, e.g. six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of a property in a particular neighbourhood. Those requiring specific information on property values in their area should contact a REALTOR®.

 

- 30 –

 

Stats summaries attached and tables below.

 

Maggie Kerr-Southin APR
Manager, Communications, Victoria Real Estate Board
Direct Phone: 250.920.4652;  Email: mkerrsouthin@vreb.org

 

 

April 2013, MLS® Real Estate Sales and Average Prices, Greater Victoria

 

 

2013 – April

2013 – March

2012 – April

 

No of Sales

Average
Price $

Median
Price $

No of Sales

Average
Price $

Median
Price $

No of Sales

Average Price $

Median Price $

SFD Gr. Victoria

339

652,611

542,150

253

583,886

510,777

294

$609,376

$560,000

SFD Other Areas

28

511,589

483,500

24

543,100

500,000

22

$677,100

$462,500

Total* SFD All Areas

367

641,852

540,000

277

580,353

510,777

316

$614,091

$554,000

Condos

149

292,629

265,000

121

288,310

265,000

171

$327,975

$277,000

Townhomes

62

426,013

415,450

49

422,178

384,450

62

$428,237

$416,250

Mfd. Homes

14

125,571

 

130,250

12

105,083

94,750

16

$125,500

$116,000

TOTAL RESIDENTIAL

592

 

 

459

 

 

565

 

 

TOTAL SALES

615

 

 

483

 

 

586

 

 

ACTIVE LISTINGS

4,585

 

 

4,333

 

 

4,638

 

 

 

SFD = Single-family Dwelling

 

April 2013, MLS® Real Estate Sales and Six-Month Average Prices over March 2013

 

* All Areas includes Shawnigan Lake/Malahat, Gulf Islands and Up Island

 

 

 

Maggie Kerr-Southin APR, Manager, Communications, Victoria Real Estate Board
3035 Nanaimo Street, Victoria BC V8T 4W2 – Direct Phone: 250.920.4652 – www.vreb.org

 

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