Strong Real Estate Market Continues in September

The strong real estate market throughout Greater Victoria showed no signs of slowing down last month with continuing strong sales and robust prices. There were 632 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in September, up seven per cent from the 593 sales in the same month a year ago. There were 846 sales in August of this year.

The average price of single family homes sold in September reached a new record high of $584,193 although the median price was considerably lower at $520,000. Victoria Real Estate Board President, Bev McIvor, noted that a number of highpriced sales affected the overall average price, "There were 17 single family home sales of over $1 million and this had a significant impact on the overall average. Nearly a quarter of all single family homes sold for less than $425,000." The six-month average for single family homes was $572,007. McIvor added that overall sales so far this year are running 12 per cent ahead of the first nine months of last year.

The average price for all condominiums sold in September was $341,014; the average for the last six months was $318,198. The median was again lower at $288,500. The average price for townhomes last month was $402,313; the average for the last six months was $402,246. The median was $375,000.

MLS® sales last month included 335 single family homes, 150 condominiums, 77 townhomes and 21 manufactured homes.

There were 3,381 properties listed for sale on the MLS®; system at the end of last month, down slightly from the 3,449 properties in the same month a year ago.