Summer real estate sales in Greater Victoria sizzled this year as the number of transactions hit the highest level in four years.
But industry watchers said the summer sales spike was tempered by flat prices that are expected to remain in the coming year.
June, July and August combined had a total of 1,787 sales, the Victoria Real Estate Board said Tuesday. In 2009, the number of sales reached 2,643. Those numbers represent mainly residential sales, with some commercial as well.
Last year, the three summer months saw 1,622 sales.
“I’m very pleased with the results,” said Shelley Mann, president of the Victoria board.
The capital region has 4,593 properties listed, putting it on the “cusp of a balanced market,” Mann said. The B.C. Real Estate Association considers a balanced market one in which the ratio of sales to listings is between 15 and 20 per cent. At the end of August, the ratio for residential properties was 14 per cent.
“Overall, pricing remains flat and our provincial economist predicts the trend will continue for another year,” Mann said. “That said, the year-over-year median price of condos is up 9.2 per cent and the median of townhomes is up 12.5 per cent,” Mann said, noting that rates will vary between neighbourhoods.
August ended with a total of 540 sales through the Multiple Listing Service, with a total value of $253.6 million. Of those sales, 17 were for single-family houses for more than $1 million. The average price of a single-family home in Greater Victoria was $592,939 in August. The median was $540,000. In July, the average price was $596,445. In August 2012, the average was $590,843.
Single-family home sales were highest in Saanich East last month, where 62 homes sold, followed by Langford at 30 and Saanich West with 26.
Victoria accounted for the largest number of condominium sales in August with 46 sold, followed by Saanich East with 20.
The average price of a condo last month was $343,343 and the median was $287,000. Townhouses sold for an average price of $419,030 in August. The median was $415,000.
