May 2012 Market Report


June 1, 2012

VICTORIA, BC-Consumers are showing confidence in the Greater Victoria real estate market, evidenced by a spike of 71 residential sales in May 2012 over the previous month. "During the last two or three months, we’ve seen many potential buyers out looking," says Carol Crabb, President of the Victoria Real Estate Board. "During May, they made their decisions. This shows there is good selection on the market, as well as good value."

The average price for single family homes sold in Greater Victoria last month was $622,387, a jump over April’s average of $609,376. Excluding previous months’ sales of over $4 million, the median has returned to $534,250.

"Last month we told you that homebuyers were researching their purchases by working with home inspectors, mortgage professionals and REALTORS®," Crabb says. "Now they are moving forward, which is often reflected in a spring market, even though it’s not feeling very spring-like."

Total MLS® sales for May 2012 were 659, with 636 of those residential, compared to 572 and 544 respectively for the same period in 2011, and 586 and 565 last month. We ended May 2012 with 5,015 active listings.

Graphical representation of recent sale counts and average prices

Total waterfront Single Family Dwellings sold: 15, down 3 sales over May 2011
Total non-waterfront Single Family Dwellings sold: 373, up 38 sales over May 2011
Single Family Dwellings sold over $1 million: 24 (3 over $2 million)


Tablular representation of sales statistics from the last two months and from last year

Summary Report and Graphs

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

When Interpreting Our Statistics

To ensure sales are not over-reported, we report net sales: that is, the number of sales less the number of collapsed sales, if any. Average Price is the total dollar volume of sales for the month divided by the number of sales in the month. Six Month Average is the total dollar volume of sales for the last six months divided the total number of sales in the last six months. Median Price is the mid-point price between the least expensive sale and the most expensive sale in the month.

The use of average price information can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.