Sales Solid in August Prices Remain Stable

The number of homes and other properties sold through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) increased modestly last month compared to July. There were 694 sales in August, up from 677 sales in July. There were 753 sales in August of last year.
Victoria Real Estate Board President, Scott Kendrew, says the solid sales in August show that the market continues to be strong and stable. "It’s usual for sales to soften somewhat in July and August as many people are on vacation, so the slight increase in sales last month compared to July is evidence of the market’s continued strength." Kendrew noted that the number of properties available for sale continues to rise. "Last month a total of total of 3,345 properties of all kinds were available for sale compared to 2,379 properties in August of last year."

Kendrew added that prices remain very stable showing little overall change from the previous month. "Homes are selling in every price range with over a third of all single family home sales last month selling for under $400,000; at the top end of the market there were 13 single family homes that sold for over $1 million."

The average price for single family homes in Greater Victoria last month was $510,059; the average for the last six-months was $526,926. The median was lower at $462,900. The average price for all condominiums sold in August was $295,770; the average for the last six months was $284,611. The median was again lower at $263,450. The average price for townhomes last month was $354,269; the average for the last six months was $365,002. The median was $341,500.

MLS® sales last month included 378 single family homes, 180 condominiums, 66 townhomes and 20 manufactured homes.