MAY 2012 REAL ESTATE MARKET IS PICKING UP IN GREATER VICTORIA
June 1, 2012
The trend for the last several
months has continued in May. After a
slight drop in sales and prices we see the opposite. It is easy to draw a straight line through
the middle of it all over the last several months.
VICTORIA, BC-Consumers are showing
confidence in the Greater Victoria real estate market, evidenced by a spike of
71 residential sales in May 2012 over the previous month. "During the last
two or three months, we’ve seen many potential buyers out looking," says
Carol Crabb, President of the Victoria Real Estate Board. "During May,
they made their decisions. This shows there is good selection on the market, as
well as good value."
The average price for single family
homes sold in Greater Victoria last month was $622,387, a jump over April’s
average of $609,376. Excluding previous months’ sales of over $4 million, the
median has returned to $534,250.
"Last month we told you that
homebuyers were researching their purchases by working with home inspectors,
mortgage professionals and REALTORS®," Crabb says. "Now they are
moving forward, which is often reflected in a spring market, even though it’s
not feeling very spring-like."
Total MLS® sales for May 2012 were
659, with 636 of those residential, compared to 572 and 544 respectively for
the same period in 2011, and 586 and 565 last month. We ended May 2012 with
5,015 active listings.
Summary
Report and Graphs
Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs