Julie De Melo

The number of sales of homes and other properties in the Greater Victoria area surged to the highest level for the month of June in over 15 years last month. There were 949 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in June, up nearly 25 per cent from the 762 sales in the same month a year ago. There were 963 sales in May of this year. Meantime, the average price of single family homes sold in June hit a new record high of $573,415; the median price was considerably lower at $501,500; the six-month average was $553,323.

Victoria Real Estate Board President, Bev McIvor, notes there were 23 sales of single family homes for over $1 million. "The overall average price can be skewed higher due to sales at the high end of the market and while this is the first time that the median price for single family homes has topped $500,000, it’s important to note that nearly a third of single family homes last month sold for under $425,000." Meantime, McIvor added that the exceptional sales figures last month shows consumer confidence in the market remains very strong. "Total sales so far this year are running nearly eight percent higher than in the first six months of last year," said McIvor.

The average price for all condominiums sold in June was $348,089; the average for the last six months was $316,226. The median was again lower at $275,500. The average price for townhomes last month was $406,606; the average for the last six months was $392,507. The median was $379,900.

MLS® sales last month included 530 single family homes, 241 condominiums, 99 townhomes and 22 manufactured homes.

There were 3,550 properties listed for sale on the MLS® system at the end of last month, up 13% from the 3,147 properties in the same month a year ago.