Property Sales and Prices Steady in September October 1, 2008

Both the number of property sales and overall prices throughout Greater Victoria remained steady in September, showing little change from August.

A total of 512 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) down minimally from the 517 sales in August. There were 632 sales in September of last year. The number of properties available for sale at the end of September was 4,754. That represents a 41 per cent increase compared to September of last year.

Victoria Real Estate Board President, Tony Joe, says despite the recent global economic uncertainty, the latest sales and price figures are encouraging. "These figures attest to the continuing stability and strength of the local real estate market despite the troubling economic news that we hear so much about," said Joe. "While the average price of single family homes sold last month was virtually unchanged from August and the average price for townhomes dropped slightly, the average price of condominiums sold increased last month," Joe added.

The average price of single family homes in Greater Victoria last month was $549,284 showing little change from $549,914 in August; the six-month average was $585,643 though the median price in September was considerably lower at $500,000. There were 18 single family homes that sold for over $1 million in September, including three on the Gulf Islands.

The average price of all townhomes sold last month was $405,287, down from nearly $414,000 in August; the six month average was $427,207. The median price in September was $370,000. The overall average price for condominiums at $319,562 last month was up from just over $302,000 in August. The average for the last six months was $318,315. The median price for condominiums in September was $276,000.

MLS® sales last month included 309 single family homes, 111 condominiums, 53 townhomes and 12 manufactured homes.