February residential sales numbers were released today at VREB. Sales for the month were on par for February, while listings increased by an amount greater than I expected. Listings are nearly 26% higher than last year. There were more listings in February this year than May last year. It looks like if you are looking to buy a home this year, you will have a lot to choose from.
SFH had strong sales and price increases in Victoria, Saanich East, and Langford. SFH had price decreases, from the rolling 6 month average, in Oak Bay, Saanich West, and Sooke.
The average condo price was less than the previous months. No $5000000 condo on the water was sold last month to boost the average price. The average condo price today is less than it was last summer.
Townhome prices were up slightly. Victoria had a -3 sales count of what looked to be some pretty pricey townhomes. Did a development go under and the pre-construction purchasers get refunded? Anyone know what happened?
I was a little surprised by the home sales numbers this month. I hadn't expected that number of sales or that great an increase in inventory. The problem with getting data from MLS.ca is that homes with saleable listing prices go quick and never make it to MLS. The homes on MLS day after day after day having asking prices too high, or have something wrong with the house.
I think it was actually a good sales month for Victoria. The numbers looked "average", making me think that the market may be sustainable for longer than I previously thought. The market doesn't look over-heated. Prices are not skyrocketing. Of course, I do think that the market is overpriced, and we know that inventory is increasing. Supply and demand says that prices should decrease. Time will tell. The Bulls have kicked another field goal. The score is now Bulls 6, Bears 0.