House sales remain slow as summer nears

Prices stable, despite little movement in real estate market

Real estate sales in Greater Victoria continued to slip last month.”Sales so far this year are running over 20 per cent below last year’s levels, but it is important to remember that sales were exceptionally strong during the first few months of 2010,” said Dennis Fimrite, president of the Victoria Real Estate Board, in a statement. “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.”Even while inventory increased between March and April of this year, sales didn’t match the supply. In Greater Victoria, 4,100 properties were available at the end of March, while 622 properties sold in March and 574 sold in April.Last April saw 756 sales.The average and median prices for single-family houses decreased slightly last month. The six-month average in April was $621,412 – also a drop from March’s number. The average and median prices for condos increased, with the average moving up by $28,277 to $383,858 in April. April’s six-month average for condos was better than March’s, at $331,108. The average, median and six-month average for townhouses increased as well, with the latter at $439,450 for April.

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