Move Toward More Balanced Market Continues

The Victoria area real estate market continued the move toward a more balanced market last month with more properties becoming available for sale, prices remaining strong and sales moderating slightly. The number of homes and other properties listed through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) increased to 3,449 last month - up from 3,345 in August and up 42% compared to September of last year. There were 593 sales in September, down from 694 sales in August. There were 714 sales in September of last year.

Victoria Real Estate Board President, Scott Kendrew, says the market conditions now offer greater choice for buyers. "With more properties available for sale, buyers can take more time to find something that suits their needs and budget. The market remains very healthy with prices remaining strong in all major housing types." Kendrew noted over 30 percent of all single family home sales last month selling for under $400,000 and over 43 percent of all condominiums selling for under $240,000.

The average price for single family homes in Greater Victoria last month was $545,172; the average for the last six-months was $521,937. The median was lower at $471,000. The average price for all condominiums sold in September was $291,798; the average for the last six months was $287,359. The median was again lower at $259,500. The average price for townhomes last month was $360,171; the average for the last six months was $360,583. The median was $344,000.

MLS® sales last month included 303 single family homes, 177 condominiums, 51 townhomes and 19 manufactured homes.