The VREB's sales numbers for Victoria for July show that the local real estate market continues to be both resilient and oblivious to what is happening south of the border. The numbers of sales this July blew away previous July numbers. It was the highest number of sales for July in 15 years. Greater Victoria saw higher average and median prices for SFH. Condo prices dropped, townhome prices were a mixed bag.
Year over year, the median price of a SFH in Greater Victoria is up 17.4% Last July's median was $438500. This July, $515000.
The number of SFH sales in Saanich continues to amaze me. This July, 150 sales. July 2005 and July 2006 had 113 and 110 sales, respectively.
Condo sales for Greater Victoria appear to have plateaued. Quantity of sales is consistent, prices are rising ever so slowly. This has to concern the developers who have hundreds of units available for sale.
The number of townhomes sold this July in Greater Victoria was the highest monthly amount for the years of which I have data (2005 - 2007). Year over year median prices are up 8.5%. Again, Saanich sold townhomes like they are going out of style. 47 this July. 23 and 17 the previous two Julys.
With the number of active real estate listings having decreased in July, prices should remain steady for the coming couple months. Inventory, according to VREB, is up only marginally from last year. Taking this into consideration, I'd say, don't expect to get any deals on SFH priced less than $500000.
I'd have to disagree with HHV, this was a month for the bulls. Listings down, sales up, prices up. I'm giving the Bulls a field goal. Score: Bulls 26, Bears 3.
In Canada, specifically Victoria, it's still tough being a bear.