Real Estate Sales Steady in November
Real estate sales throughout the Greater Victoria area remained steady in November showing virtually no change from November of last year. The overall average price of single family homes, condominiums and townhomes sold last month all increased.
There were 571 property sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in November compared to 573 sales in the same month a year ago. There were 590 sales in October of this year. There were 3,158 properties listed for sale at the end of last month – that’s 32 per cent higher than the 2,399 properties for sale in November of last year.
Victoria Real Estate Board President, Scott Kendrew, says it is usual for the market to slow somewhat at this time of year. “Sales so far this year are running about seven percent below last year’s levels reflecting the return to a more balanced market following several exceptional years.” Kendrew stressed the importance of viewing price changes over time. “Average prices are particularly sensitive to month-to-month fluctuations. The sale of 15 condominiums priced over $700,000 had an impact on the average price of condominiums last month. Overall, this has been a very positive year with the six-month rolling average price for the three major property types all up since the beginning of the year with single family homes showing an eight percent increase, condominiums a 16 percent increase and townhomes a six percent increase.”
The average price for single family homes in Greater Victoria last month was $534,734; the average for the last six-months was $527,539. The median was lower at $459,000. The average price for all condominiums sold in November was $359,742; the average for the last six months was $298,111. The median was again lower at $261,950. The average price for townhomes last month was $390,145; the average for the last six months was $367,328. The median was $345,000.
MLS® sales last month included 321 single family homes, 152 condominiums, 51 townhomes and 23 manufactured homes.
