Tuesday, March 5, 2019 ~ GREATER VICTORIA.
by Mary P Brooke ~ West Shore Voice News
The Greater Victoria Real Estate Board released their February 2019 statistics today.
The volume of all property sales (single family homes, townhomes, condos, manufactured homes, lots and commercial) dropped by almost one-quarter from February 2018 to February this year, though sales volume was up 28% in February 2019 compared to this January.
In February there were 204 single family home sales, 129 townhome sales, 46 condos sold, 14 manufactured homes sold, eight sales of lots, and two commercial property sales.
The number of active property listings rose 3.6% from January to February; the listing tally at February month-end was 37.9% higher than a year ago.
The raw average sale price of a single family home in Greater Victoria was $885,042 in February 2019. In the west shore Langford saw an average sale price under the $700,000 mark at $695,619, with Colwood higher than usual at $914,042 and Sooke at $548,548 showing no sign of dropping below half a million.
According to VREB data analysis, the Greater Victoria Real Estate market continued to be a sellers’ market during the last two years. Between February 2017 and February 2019 the ratio of total residential sales to total active residential listings at month-end was well above the 20% threshold for seeing a buyer’s market. However, the sellers’ market status peaked in March 2017 (see chart above) and has essentially gently but steadily diminished since then.
A shorter version of this article was first published on page 4 in the March 1, 2019 print-PDF weekend digest of West Shore Voice News