Real Estate Victoria BC- Wayne Glazier

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Victoria Real Estate Board Newsletter

March 3, 2008

Property Sales Moderate in February

The number of sales of homes and other properties in the Greater Victoria area moderated in

February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service®

(MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales

in January.

Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with

strong demand for homes that are realistically priced coupled with a growing selection of available

properties for sale. “The total number of properties available for sale rose to 3,311 in February – a

13 per cent increase over February of last year,” noted Joe. Last month over 27 per cent of single

family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under

$275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria

and one sale on the Gulf Islands of over $1 million.

The average price of single family homes sold in February in Greater Victoria was $587,295; the

median price was lower at $543,500. The six-month average for single family homes was

$588,826. The average price of all condominiums sold in February was $333,408; the average for

the last six months was $334,577. The median was again lower at $299,450. The average price of

all townhomes sold last month was $422,607; the six month average was $426,685. The median

price was $395,000.

MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and

13 manufactured homes.