Sales even, prices down for Victoria properties

Property sales in Greater Victoria have shifted into low gear, according to the Victoria Real Estate Board.

Numbers show sales are 21 per cent below last year’s levels, VREB’s president Dennis Fimrite said in a statement.

“It’s important to remember, however, that the first six months of last year were very active and sales subsequently slowed considerably over the summer and into the fall,” he said.

There were 572 sales through the Multiple Listings Service in May and 574 in April. Last May boasted 695 sales.

Average and median prices were down across the board as well, except for single-family houses, which saw an increase in the average price from $615,533 in April to $628,462 last month.

Helping that number edge upward were 26 sales in May over $1 million, including four sales over $2 million – three in Oak Bay and one in West Saanich.

The inventory of properties on MLS is large at present.

“There is plenty of choice now on the market for buyers with 4,857 properties available for sale at the end of May – up from 4,561 properties available at the end of April.  Inventory levels are currently seven per cent higher than a year ago,” Fimrite said.

ecardone@vicnews.com