Tuesday, November 01, 2005

Real Estate Market Steady in October

October was a steady month in the Victoria area real estate market marked by an increase in the number of properties available for sale, little change in overall prices and a modest decline in sales compared to a year ago.
Victoria Real Estate Board President, Gary McInnis, notes that there has been a slow but steady increase in the number of properties on the market. "Buyers now have a greater choice with 2,496 properties of all kinds available for sale in October -- up six percent from the 2,358 properties available for sale in the same month a year ago."
McInnis adds that there will always be month-to-month fluctuations in the market. "Although the number of sales was down compared to September, the decline was minimal when compared to a year ago. Prices remain steady -- the overall average for single family homes, for example, is very close to that recorded in June." McInnis says all the fundamentals that contribute to a healthy market remain in place including strong demand, high consumer confidence and attractive interest rates.
There were 575 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, down slightly from the 614 sales in October of last year. There were 714 sales in September.
The average price for single family homes in Greater Victoria last month was $469,246; the average for the last six months was $473,197. The median price for single family homes at $415,000 was substantially lower than the average. The average price for all condominiums sold in October was $256,818; the average for the last six months was $248,783. The median was again lower at $222,000. The average price for townhomes in October was $362,018; the average for the last six months was $348,044.
MLS® sales last month included 321 single family homes, 152 condominiums, 49 townhomes and 17 manufactured homes.
Stats courtesy Victoria Real Estate Board