November Market Update

Real Estate Market Strong and Stable in November
Sales and prices of homes and other properties in the Victoria area remained strong and steady in November with little movement. There was a total of 573 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, virtually unchanged from the 575 sales in October and down only slightly from the 583 sales in November of last year.
Victoria Real Estate Board President, Gary McInnis, notes that while there was the usual month-to-month fluctuation in prices, the increases so far this year have been exceptional. "To date, the overall average price for single family homes has risen over 19%, the average for condominiums has risen over 16% and the average for townhomes is up over 15%." McInnis also noted that there were 2,399 properties of all types available for sale in November - up five percent over a year ago. "This has truly been a remarkable year and there is every indication that the strong market will continue throughout 2006."
The average price for single family homes in Greater Victoria last month was $472,298; the average for the last six months was $479,244. The median price for single family homes at $422,750 was substantially lower than the average. The average price for all condominiums sold in November was $295,071; the average for the last six months was $252,806. The median was again lower at $242,500. The average price for townhomes in November was $359,372; the average for the last six months was $350,738 and the median in November was $323,950.
MLS® sales last month included 304 single family homes, 138 condominiums, 64 townhomes and 19 manufactured homes.