April sales activity in Victoria down 24%

The Victoria Real Estate Board (VREB) reported 574 sales in April, down from 622 in March. There was an even larger gap compared to April 2010, when there were 756 sales – a 24% year-over-year drop in activity.

The average price of a single-family home in April was $615,533, 0.6% down from March at $619,275. The median was $556,000.

VREB President Dennis Fimrite said the reason for the decline in activity related to what was happening last year, when sales were exceptionally strong. This year, buyers are a little more cautious, he said.

“Tighter credit conditions and anticipated higher mortgage rates have and will have some moderating effect on the market, and prices are expected to remain relatively flat and stable for the time being,” said Fimrite.

There were 18 single-family homes sold above $1 million in April. Much of that was likely influenced by waterfront properties, of which 11 were sold for an average of about $1 million each.

Townhouses and condominiums drew a better demand and increased in price in April.

The overall average price for condominiums was $353,858 last month, up from $325,581 in March. The average for the last six months rose to $331,108. The average price of all townhouses sold last month rose to $480,621 from $434,626 in March.

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