May 1, 2008 - According to the Victoria Real Estate Board, sales of properties in the Victoria area moderated in April with a total of 768 sales through the Victoria Real Estate Board's Multiple Listing Service® (MLS®). These figures were up from sales in March but down from sales in April 2006. Overall prices remain steady. 28 sales of over $1 million, however, including two sales in Oak Bay of over $2 million, pushed the average price of single family homes to a new record high.
Victoria Real Estate Board President, Tony Joe, notes that the number of properties available for sale continues to increase, with a 17 % increase over those in April of 2007. He commented: "This increase in inventory coupled with a moderation in the number of sales offers further indication of a more balanced market that offers stability for both buyers and sellers."
Tony Joe added that overall prices remained steady last month. "The relatively large number of high-priced sales had a substantial impact on the average price of single family homes in Greater Victoria, pushing this figure to a new record high of $630,295 but it is important to note that the median or mid-range price was substantially lower at $558,000." The President noted that nearly 28% of single-family homes last month sold for under $475,000.
In April, the average price of all condominiums sold was $325,975, but the median was again lower at $294,900. The average price of all townhouses sold last month was $420,658; the six-month average was $440,364, with the median price being $407,450.
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