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Victoria Real Estate Sales Deliver a Strong Comeback

Real estate sales in Greater Victoria gained momentum in March. A total of 602 homes and other properties sold in March through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). This is up a significant 49 per cent from the 403 sales in February. There were 707 sales in March of last year. The prices in the meantime, remained very stable with small increases in some sectors. Further there were 3,859 properties available for sale at the end of March. That is a seven per cent increase compared to March of last year and only a minor increase from the 3,844 properties available for sale at the end of February.

Bill Ethier and David Wardle say the rebound in the market over the last month is welcome news. Total sales last month were higher than the March figures during each year from 1995 to 2001 – a market which we considered to be balanced. Real Estate sales  in the greater Victoria area seemed artificially low in January and February.

Lower interest rates and the resulting increased affordability have certainly energized the entry-level housing market. Last month’s substantial increase exceeded our expectation and provides us with renewed confidence that the market is returning to a healthy and balanced state.

Bill and David notes that prices remained strong and stable in March. The average price for single family homes sold in Greater Victoria last month was $534,689 down slightly from $542,396 in February. However, the median price rose to $503,751. The six-month average was $540,244.

If we look at condominiums the overall average price was $294,393 last month up from $286,985 in February. The average for the last six months was $288,661. The median price for condominiums also rose in March to $266,500.

The average price of all town homes sold last month was $405,003, this is up from $381,383 in February. The six month average was $398,320 while the median price in March was $356,450.

MLS® sales last month included 343 single family homes, 163 condominiums, 64 town homes and 11 manufactured homes.

If you are planning to purchase real estate in the future, just let us know. Our team of professionals has the knowledge and know how to meet your needs. Contact Bill or David at Properties In Victoria Professional™ team. You can consult their Victoria Real Estate website www.PropertiesInVictoria.com or just email Bill and Dave

Cheers, Bill

Properties in Victoria Professionals- Royal LePage Coast Capital Realty

Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.

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