It really was a strong real estate month for Victoria. No doubt about it. Yes, listings are up, but only "13%" higher than last year. Considering the demise of the American housing market, what explanation can be given for our strong RE market? Some possibilities:
- Victoria truly is different, RE is local, they aren't making any more land, everyone wants to live here, etc., etc., etc., yadda, yadda, yadda.
- Panic buying due to the coming interest rate increases.
- Sellers are still finding greater fools.
Regarding the 13% increase in inventory. This is a false number because there are hundreds of housing units (condos) available for sale which are not listed through MLS, thus do not show up in the VREB's monthly number. I'm not sure what the true number of properties available for sale is. I'd venture to guess it's around 1000 more than being reported. Now that number is more significant.
Following is the graph for comparison of median SFH sales prices of Greater Victoria and Victoria proper. It's interesting how the median for Victoria city took a nose-dive in June. Year-over-year, it's a negative increase.
A few other items of note:
- West Saanich had a higher average and median price than Victoria city.
- Victoria city had the greatest SFH average price decrease in comparison to the 6 month average.
- Saanich East and West had a combined 157 SFH sales. Since 2005, this is the third highest SFH monthly sales number.
- On June 23, CFAX1070 reported that Aquattro in Colwood sold 50 units that weekend. VREB is reporting that only 8 condos sold in Colwood in all of June.
- Only 1 condo reported sold in View Royal. The Aspen must have closed it's sales doors. Yet they are reporting 40% sold!?
- 96 townhome sales for Greater Victoria is the highest monthly total ever!?
Touchdown for the Bulls. The Bears don't have much to cheer about. The score: Bulls 23, Bears 3. End of the 2nd quarter.
