Monday, November 02, 2009
by Rob Cvitanovic
Nov. 2, 2009: Continued Strength in the Local Real Estate Market
Property sales throughout the Victoria area last month were at their highest level for the month of October since 1992. It was the sixth month in a row that property sales were higher than in the corresponding month of last year. A total of 742 homes and other properties sold in October through the Victoria Real Estate Board's Multiple Listing Service® (MLS®), down slightly from the 776 sales in September and up more than double the 316 sales in October of last year. Prices, meantime, remained stable.
It looks as though the market has clearly recovered from the downturn late last year and early this year; REALTORS® are working hard to find suitable properties for buyers. The number of properties available for sale has dropped substantially from a year ago and now stands at 3,219 - down 31 per cent from October of last year. There will always be month to month fluctuations in prices, this reduced inventory will inevitably bring some upward pressure on prices!
The average price for single family homes sold in Greater Victoria last month was $590,567, down from $619,936 in September. The median price was $536,000. The six-month average was $587,623. The overall average price for condominiums was $322,349 last month, down slightly from $325,106 in September. The average for the last six months was $316,137. The median price for condominiums in October was $297,000. The average price of all townhomes sold last month was $438,058 down from $441,966 in September. The median price dropped slightly to $409,500. The six month average was $431,675.
MLS® sales last month included 400 single family homes, 203 condominiums, 76 townhomes and 12 manufactured homes.
