Wow, what a great 2nd Qtr for Real Estate in Victoria!

Sales for the 2nd quarter of 2013 are up 65% from the 2nd quarter of 2012 – what great news for our market and both buyers and sellers. 

Prices have not risen, but activity has – big time.  27 homes over 1 million sold last month – in a town of 350,000 people?  Yes, true…

Thought you might be interested in the June stats that were just published by our Board today – impressive gains in activity in the 2nd quarter of this year.  Prices are not necessarily up but the buyers are buying…..I would be happy to answer any queries you might have.  Vicky

 


From: Maggie Kerr-Southin [mailto:mkerrsouthin@vreb.org]
Sent: July 2, 2013 12:26 PM
To: undisclosed-recipients:
Subject: GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER

 

SENT TO:              VREB MANAGING BROKERS

                                VREB MEMBERS

                                VREB MEMBERS SUPPORT STAFF (upon request)

                                VREB STAFF

 

 

MEDIA RELEASE

 

July 2, 2013

 

GREATER VICTORIA REAL ESTATE MARKET REBOUNDS IN SECOND QUARTER

 

VICTORIA, BC–For the third consecutive month, the Victoria Real Estate Board reports sales through the MLS® System remained strong with 65% more activity in the current quarter than in the first quarter of 2013.

 

“With 664 sales this month, and 1,938 sales this quarter, the market is definitely rebounding,” says President Shelley Mann. “We are now headed into the quieter summer months, so I’m interested to see where this leads.”

 

There were 382 single family homes sold in June at a median price of $525,250, up 1% over June 2012 at $520,000. Condominium sales were 164 at a median price of $265,000 and 79 townhomes sold at a median price of $365,000. There were 4,833 active listings on the MLS® System at the end of June, bringing the active-listings-to-sales ratio to 17%, well within the balanced market range.

 

“While sales are up, prices remain flat,” Mann says. “It is more important than ever to focus on the median prices. With six family home sales between $2 million and $7 million in June, the average price was pulled higher. The median price – the middle price – remained stable.”

 

Mann also advises buyers to consider long-term mortgages as she is hearing that long-term rates are starting to increase and lenders are providing fewer discounts on posted interest rates.

 

Total Waterfront Single Family Dwellings sold:                     18, up two over June 2012

Total Non-waterfront Single Family Dwellings sold:          364, up 10 over June 2012

Single Family Dwellings sold over $1 million:                         27 (6 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®. The Victoria Real Estate Board has 1,230 Members.

 

- 30 –

 

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

 

 

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

 

 

2013 – June

2013 – May

2012 – June

 

No of Sales

Average
Price $

Median
Price $

No of Sales

Average
Price $

Median
Price $

No of Sales

Average Price $

Median Price $

SFD Gr. Victoria

359

635,161

529,900

346

565,763

524,896

336

$591,464

$530,000

SFD Other Areas

23

558,190

390,000

38

503,553

357,000

34

$472,772

$420,000

Total SFD All Areas

382

630,527

525,250

384

559,607

515,000

370

$580,557

$520,000

Condos

164

306,862

265,000

142

318,017

289,500

158

$316,569

$266,750

Townhomes

79

417,687

365,000

68

432,233

400,000

58

$441,883

$392,800

Mfd. Homes

17

112,559

110,000

18

107,861

87,250

16

$155,413

$121,500

TOTAL RESIDENTIAL

642

 

 

612

 

 

602

 

 

TOTAL SALES

664

 

 

659

 

 

637

 

 

ACTIVE LISTINGS

4,833

 

 

4,783

 

 

5,189

 

 

SFD = Single-family Dwelling

 

June 2013, MLS® Real Estate Sales and Six-Month Average Prices over May 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

 

 

Leave a Reply