More Properties Available For Sale in June
The number of properties available for sale on the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) continued to increase last month, while sales softened somewhat and prices remained stable. A total of 3,147 properties of all kinds were available for sale – that’s 35% higher than the 2,335 properties available for sale in June of last year.
Victoria Real Estate Board President, Scott Kendrew, says the move toward a more balanced market that began earlier this year continues offering a greater sense of stability for both buyers and sellers. “We’ve seen a significant increase in the number of properties available for sale over the last year. The inventory for single family homes, for example, is now 57 percent higher than a year ago while the number of active listings for condominiums is up 82 percent.” Kendrew noted that sales have softened somewhat. “There were 762 sales of properties of all kinds through the MLS® system in June – down from 909 sales in May and 862 sales in June of last year.” Kendrew added that total sales so far this year are running just over six percent below last year’s levels.
Prices, however, continue to be stable. The average price for single family homes in Greater Victoria last month was $538,913; the average for the last six-months was $521,053. The median was substantially lower at $447,500. The average price for all condominiums sold in June was $282,651; the average for the last six months was $274,636. The median was again lower at $241,000. The average price for townhomes last month was $367,631; the average for the last six months was $360,556. The median was $330,000.
MLS® sales last month included 445 single family homes, 197 condominiums, 69 townhomes and 19 manufactured homes.
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Content Courtesy of the Victoria Real Estate Board.