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Cheryl Woolley

Victoria Market Update

Sales of homes and other properties in the Greater Victoria area softened last month though prices continue to remain stable. Victoria Real Estate Board President, Tony Joe, notes that the modest decline in sales from May to June followed a similar pattern to last year. "There was a total of 723 sales of homes and other properties in June through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) compared to the 770 sales in May. Although sales last month were down substantially compared to the 949 sales in June of last year, it is important to remember that 2007 was an exceptional year for the local real estate market."

Joe notes that prices remain stable. The overall average price of single family homes in Greater Victoria last month was $580,104; the six-month average was $600,740 though the median was considerably lower at $538,000. "There will always be month-to-month fluctuations in prices, but when we consider that the six month average in January was just over $586,000 we see that prices have remained remarkably stable this year," said Joe.

The number of properties available for sale continued to increase last month rising to 4,513 - a 27 % increase compared to June last year. "With more properties from which to choose, buyers clearly feel less pressure to make a quick decision, though sellers who price their homes realistically can still expect strong interest," said Joe.

The average price of all condominiums sold in June was $319,943; the average for the last six months was $330,992. The median was again lower at $295,000. The average price of all townhomes sold last month was $431,992; the six month average was $432,152. The median price was $399,500.

MLS® sales last month included 395 single family homes, 180 condominiums, 81 townhomes and 23 manufactured homes.

(Source: Victoria Real Estate Board)

Published Thursday, July 10, 2008 8:12 AM by Cheryl Woolley

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