Choices Increase for Buyers
Two large multi-family projects in the Westshore came on stream in May adding significantly to the total number of properties available for sale throughout Greater Victoria last month. A total of 2,903 properties of all kinds were available for sale on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in May – that’s 33% higher than the 2,188 properties available for sale in May of last year. Sales were also up in May while prices remained relatively stable.
Victoria Real Estate Board President, Scott Kendrew, says the increase in inventory is good news for buyers. ”There is now a good and growing choice of properties available for buyers. Although prices remain high in a number of areas, it’s important to note that more affordable properties are also available.” Kendrew noted that there were 26 single family homes that sold for over $1 million last month but over 25 percent of single family homes sales were for under $375,000; over 34 percent of condominiums sold for less than $220,000.
The average price for single family homes in Greater Victoria last months was $515,755; the average for the last six-months was $519,677. The median price was substantially lower at $447,450. The average price for all condominiums sold in May was $285,256; the average for the last six months was $272,039. The median was again lower at $255,000. The average price for townhomes last month was $355,108; the average for the last six months was $358,318. The median was $325,000.
There were 909 sales of properties of all kinds through the MLS® system in May – up from 780 in April and 901 in May of last year.
MLS® sales last month included 487 single family homes, 253 condominiums, 92 townhomes and 23 manufactured homes.
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Content Courtesy of the Victoria Real Estate Board