Real Estate Sales Rise in October

November 1, 2010

The number of property sales throughout Greater Victoria rose in October while prices remained mixed. A total of 467 homes and other properties sold in October through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up 18 per cent from the 395 sales in September. There were 742 sales in October of last year.

Victoria Real Estate Board President, Randi Masters, noted that the number of sales in October was similar to the levels seen in the late 1990s. "We were pleased to see market activity pick up last month with sales now more closely reflective of the balanced market a decade ago prior to the very active years between 2001 and 2009."

The average price for single-family homes sold in Greater Victoria last month was $641,780 up from $599,825 in September. The median price rose to $539,500. The six-month average also rose to $627,263. There were 12 single family home sales of over $1 million in October including one sale in Central Saanich of over $6 million. Masters added that this sale, together with an increase in the value of waterfront sales last month, affected the overall average price. "Higher-priced sales can significantly affect the overall average price and it is important to note that while the median price of single family homes also rose last month, the increase was substantially less than the increase in the average price." There were 11 sales of over $1 million in September. The overall average price for condominiums was $323,522 last month, up from $295,463 in September. The average for the last six months was $321,381. The median price for condominiums in October declined to $278,500. The average price of all townhomes sold last month rose to $446,026 from $439,040 in September. The median price declined slightly to $421,250. The six month average was $432,723.

The number of properties available for sale at the end of last month declined slightly to 4,046 but this was still 26 per cent higher compared to the 3,219 available properties in October of last year.

MLS® sales last month included 252 single family homes, 128 condominiums, 50 townhomes and 15 manufactured homes.