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August 1, 2008

Summer Sales Soften - Most Prices Show Little Change
Sales of homes and other properties in the Greater Victoria area softened last month though prices for single family homes and townhomes showed little change. The average price for condominiums moderated somewhat. A total of 616 homes and other properties sold in July through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 723 sales in June. There were 922 sales in July of last year.

Victoria Real Estate Board President, Tony Joe, notes that today’s balanced market and a larger inventory of properties for sale give buyers more choice and flexibility. "The number of properties available for sale increased modestly from the previous month rising to 4,557. However, that represents a 34% increase compared to July of last year and inventory now stands at the highest level since May, 1998." Joe notes that prices remain stable. "The overall average price of single family homes and townhomes showed little movement last month," said Joe. The average price of single family homes in Greater Victoria last month was $578,177; the six-month average was $596,659 though the median was considerably lower at $529,900. Eighteen single family homes sold for over $1 million, including three sales on the Gulf Islands.

The average price of all townhomes sold last month was $454,918; the six month average was $435,786. The median price was $417,450. Joe noted that the overall average price for condominiums at $302,536 moderated last month, the lowest monthly average since May, 2007. "It’s important to note, however, that the average for the last six months was $324,583 showing little change from the $326,904 six month average at the beginning of the year," added Joe. The median price for condominiums in July was $285,000.

MLS® sales last month included 359 single family homes, 168 condominiums, 52 townhomes and 10 manufactured homes.

Summary Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs