VICTORIA, BC – Pricing and sales numbers for most categories are essentially the same as in March 2012, spelling out a balanced real estate market for Greater Victoria. “That’s good news for both buyers and sellers,” says Carol Crabb, President of the Victoria Real Estate Board. “The one category with increased sales is condominiums with 19% increase. New developments came on-stream in View Royal and Langford, resulting in a higher sales volume.”

The average price for single family homes sold in Greater Victoria last month was $609,376, down from $640,553 in March which was slightly elevated by two sales over $4 million. The median price, however, rose to $560,000.

“Homebuyers have time to research their purchases without pressure by working with home inspectors, mortgage professionals and REALTORS®,” Crabb says.

Total MLS® sales for April 2012 were 586, with 565 of those residential, compared to 574 and 540 respectively for the same period in 2011. Overall, current sales are on trend with the average 10-15 year cycle. Active listings were 4,638 for April 2012.

Cameron Muir, Chief Economist of the British Columbia Real Estate Association, expects modest growth in the economy, combined with a strong Canadian dollar will keep the Bank of Canada from raising its trend-setting interest rate until 2013.

VICTORIA, BC – Single family homes sales have risen 17% since last month, while the six-month average price is up 1% to $599,551. The average price of a Greater Victoria single family home in March 2012 is $640,553 up from $579,985, but is affected by the sale of two homes over $4 million. Compared to March 2011, active listings in this category are up 5% to 1,858, while sales are down 7%.

Sales of condos and townhomes are flat, compared to February 2012, while down significantly from 12 months ago (17% and 15% respectively). Condo prices are unchanged, while townhomes are 1% lower than March 2011.

“With softer prices, buyers have been looking at houses,” says Carol Crabb, President of the Victoria Real Estate Board. “That is now being reflected by the six-month average price increase. We predicted a flat market in January, and so far that is what we are experiencing.”

She also believes sales activity was affected by poor weather and many families travelling over the two-week spring break. “REALTORS® tell me many clients took the time for family vacations,” Crabb adds.

With a total of 4,274 active listings, properties on the market have edged up from last month (3,977 active listings at February 29, 2011). Increased supply levels reflect typical spring activity as seen year over year.

VICTORIA, BC-The story continues from last month when the Victoria Real Estate Board reported a relatively stable market when compared to the same time in 2011, but REALTORS® report they are optimistic that new provincial HST transition rules and a New Home First-time Buyers Bonus will stimulate sales of new properties.

February’s sale volume was virtually identical to that of February 2011, but the average price softened by 5% for single family homes month over February 2011. The average sales price for a single family home in Greater Victoria was $579,985, with a six-month average of $594,027, showing a corresponding decrease of 4.7% over February 2011.

“REALTORS® are reporting increased showings, especially since the Provincial budget announcements,” says Carol Crabb, President of the Victoria Real Estate Board. “Our Members tell me the HST transition rules, increased HST rebates and New Home First-time Buyers Bonus are stimulating traffic for both new houses and condos.

“I think the BC budget also instilled consumer confidence. Potential buyers can see that our economy is stable and mortgage rates are incredibly low”, Crabb says. “Not only are prices remaining stable, there are enough listings to allow buyers to perform their due diligence without making rash decisions. We encourage buyers to work with REALTORS® to ensure they are educated about current market conditions and recently announced government incentives.” With 3,977 active listings at the end of February, Crabb notes increased supply levels and sales are expected in keeping with the normal historical trend of spring activity.

VICTORIA, BC-While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%.

“These numbers definitely match what we have been hearing from our Members,” says Carol Crabb, President of the Victoria Real Estate Board. “Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®.

“Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own neighbourhood communities.”

The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.

“That said, buyers seem to be tired of all the doom and gloom stories about the global economy,” Crabb adds. “Interest rates are good and they are keeping our Members busy with showings.”

Total non-waterfront Single Family Dwellings sold: 187, up 9.4% over January 2011

Total waterfront Single Family Dwellings sold: 4, down 43% over January 2011

Single Family Dwellings sold over $1 million: 9 (none over $2 million)

While the real estate market started out sluggish in 2011, by mid-summer unit sales had stabilized. In December, annual sales for single family homes, townhomes and manufactured homes had increased, while condominium sales decreased by 15% compared to December 2010.

“This may be the result of an increased number of lower priced single-family homes that became available,” says Carol Crabb, President of the Victoria Real Estate Board.

Crabb cites that housing prices have softened since December 2010, when the average single family home sold for $647,063, while in 2011 average prices fluctuated and now rest at $592,582.

“This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August,” says Crabb. “During the last quarter of 2011, it has been virtually unchanged month over month.”

“While we were trending towards a buyers’ market, based on both the prices and number of properties for sale, the decline in the number of active listings in December 2011 continues to reflect a balanced market,” she says.

December 2011 saw 2,901 residential and 879 non-residential active listings (total 3780), from a peak of over 4,178 residential and 916 non-residential listings (5,094) in July 2011. This is the first time the number of active listings has been fewer than 4,000 since February 2011.

December marked fewer real estate sales in Greater Victoria, with a total of 339 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 482 sales in November. There were 349 sales in December 2010. Crabb notes that sales typically decline each December, reflective of the holiday season.

The average price for single-family homes sold in Greater Victoria last month was $592,582, up slightly from $592,034 in November. The median price also increased to $535,750 while the six-month average declined to $607,221. The overall average price for condominiums last month was $312,066, down from $320,558 in November. The median price for condominiums in December also decreased to $270,000 while the average for the last six months declined marginally to $321,177. The average price of all townhomes sold last month was $387,719 compared to $380,675 in November. The median price increased to $375,000 from 360,000, while the six month average declined to $416,361.

There were six sales of single-family homes marginally over $1 million, with one in View Royal and five in Saanich East. The highest volume of sales in December 2011 was in Saanich East.

MLS® sales last month included 183 single family homes, 89 condominiums, 37 townhomes and 11 manufactured homes, totaling 320 residential sales.

The number of property sales throughout Greater Victoria in May showed little change compared to April while overall prices showed some softening. A total of 572 homes and other properties sold in May through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), virtually unchanged from the 574 sales in April. There were 695 sales in May of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that market activity so far this year is considerably slower than in the same period a year ago, “Sales so far this year are running nearly 21 per cent behind last year’s levels. It’s important to remember, however, that the first six months of last year were very active and sales activity subsequently slowed considerably over the summer and into the fall.”

Fimrite added that the number of properties available for sale continued to increase at the end of last month which is typical for this time of year. “There is plenty of choice now on the market for buyers with 4,857 properties available for sale at the end of May – up from 4,561 properties available at the end of April. Inventory levels are currently seven per cent higher than a year ago.” Fimrite noted that while overall market conditions remain balanced, it’s important for sellers to price their homes realistically to attract attention from buyers.

The average price for single-family homes sold in Greater Victoria last month was $628,462, up from $615,533 in April. The median price, however, declined slightly to $553,000 while the six-month average also declined slightly to $620,488. There were 26 single family home sales of over $1 million in May including one on the Gulf Islands. There were three sales in Oak Bay and one sale in Saanich West of over $2 million. The overall average price for condominiums last month was $328,345, down from $353,858 in April. The average for the last six months declined to $327,757. The median price for condominiums in May declined to $294,000. The average price of all townhomes sold last month declined to $466,845 from $480,621 in April. The median price also declined to $432,332 while the six month average rose to $447,581.

MLS® sales last month included 353 single family homes, 123 condominiums, 51 townhomes and 17 manufactured homes.

The number of property sales throughout Greater Victoria rose in February. Prices remained mixed while the number of properties available for sale also rose. A total of 488 homes and other properties sold in February through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up from the 339 sales in January. There were 621 sales in February of last year.

Victoria Real Estate Board President, Dennis Fimrite, commented that the increase in February was not unexpected, “It is common to see the market pick up following the December – January holiday period and last month’s significant increase in sales along with relatively stable prices demonstrates ongoing confidence in the market by both buyers and sellers.” Fimrite added that although February’s sales were below the sales totals for February of a year ago, the beginning of 2010 was marked by an unusually strong market that softened as the year progressed. He noted that inventory levels also rose in February, “There were 3,714 properties available for sale at the end of February – up from 3,283 properties available at the end of January. Inventory levels are currently 13 per cent higher than a year ago.

Fimrite added that despite ongoing concerns about affordability, it’s important to note that a substantial number of homes are selling in the mid-priced range, “Nearly half of the single family homes that sold last month went for under $550,000 while 46 per cent of condominiums last month sold for under $275,000.”

The average price for single-family homes sold in Greater Victoria last month was $610,975 up from $603,401 in January. The median price, however, declined to $564,950. The six-month average rose slightly to $623,389. There were 14 single family home sales of over $1 million in February including one on the Gulf Islands. The overall average price for condominiums was $323,844 last month, up slightly $323,002 in January. The average for the last six months also rose slightly to $320,717. The median price for condominiums in February, however, declined to $285,444. The average price of all townhomes sold last month declined to $415,591 from $447,792 in January. The median price also declined to $393,000 while the six month average declined slightly to $432,194.

MLS® sales last month included 264 single family homes, 134 condominiums, 52 townhomes and 17 manufactured homes.