Buyers’ market for Victoria real estate in June 2011

House on the outskirts of Victoria
A home in Victoria

According to the Victoria Real Estate Board the average price for single-family homes sold in Greater Victoria last month (June) was $629,292, up from $628,462 in May. The median price also rose to $569,900 while the six-month average declined slightly to $619,568. There were 23 single family home sales of over $1 million in June.

While sales for the year so far are down on those for 2010, the sales in June were close to the norm for this time of year. However the total number of listings is increasing, and according to the Board’s president, Dennis Fimrite: “The available choice for buyers increased further last month with 5,050 properties available for sale at the end of June – the highest monthly level in 15 years.” That strongly suggests a buyer’s market and anyone looking at a purchase now would be in a good bargaining position. Our partners in the area are happy to advise!

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