A Steady, Flat Real Estate Market Continues in Greater Victoria
by Ron Neal
on Tuesday, September 11th, 2012 at 12:39pm.
VICTORIA BC - The August real estate market continues to be steady and flat, considered by the Victoria Real Estate Board to reflect the "wait and see" attitude its Member REALTORS® are hearing from the buying public.
Total MLS® residential sales for August 2012 was 462 compared to 542 for the same period in 2011. During the month, 240 single family homes sold throughout the Victoria Real Estate Board’s region, 67 fewer than the 307 sold in August 2011. The average price for single family homes sold in Greater Victoria last month was $590,843, down from August 2011’s average of $652,841. The median price is down by $17,000 to $530,000. There are 5,034 active listings.
"Sales are down 11.5% over August 2011. When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction."
The overall provincial outlook is strong, with employers replacing part-time positions with full-time, and ongoing low interest rates. The British Columbia Real Estate Association predicts the resulting consumer confidence will move the provincial economy from flat to strong in 2013.
Other categories are also holding steady. Condominium and manufactured home sales are virtually unchanged over August 2011, while townhomes sales continue to be softer.
Total Waterfront Single Family Dwellings sold: 25, down 3 sales from 2011
Total Non-waterfront Single Family Dwellings sold: 215, down 64 sales from August 2011
Single Family Dwellings sold over $1 million: 10 (1 over $2 million)
The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.