Greater Victoria Posts Improving Sales Numbers

Posted: Nov 01, 2010

The Greater Victoria Real Estate Board on Monday released numbers that show sales were up in October over the previous month, but well off from last year's mark. The number of property sales sold through the Multiple Listing Service in Greater Victoria during October was 467. That is up 18 per cent from the 395 sales in September, but still down 37 per cent  from the 742 sales in October of 2009.Prices for all types of homes were on the increase in October. The average price for single-family homes was $641,780 up from $599,825 in September. The median price rose to $539,500, and the six-month average to $627,263. 
The report did note that there were 12 single family home sales of more than $1 million in October, including one home in Central Saanich which sold for more than $6 million.
That single sale, combined with an increase in the value of waterfront home sales last month, affected the overall average price.
“Higher-priced sales can significantly affect the overall average price and it is important to note that while the median price of single family homes also rose last month, the increase was substantially less than the increase in the average price,” said board president Randi Masters.
The average price for condominiums was $323,522 last month, up from $295,463 in September. The average for the last six months was $321,381. The median price for condominiums in October declined to $278,500.
Masters said the number of sales in October was similar to the levels seen in the late 1990s.
“We were pleased to see market activity pick up last month with sales now more closely reflective of the balanced market a decade ago prior to the very active years between 2001 and 2009,” she said in a release.
The number of properties available for sale at the end of October declined to 4,046, but was still 26 per cent higher compared to the 3,219 available properties in October last year. October saw the sale of 252 single family homes, 128 condominiums, 50 townhomes and 15 manufactured homes.

Please note that this blog entry was published more than three months ago. Some details may be outdated.

 

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