Property Sales Ease in November But Remain Well Above a Year Ago
December 1, 2009
The number of properties sold throughout the Victoria area last month eased compared to October but remained well over double the number of sales in November of last year. A total of 604 homes and other properties sold in November through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 742 sales in October but up more than 125 percent from the 268 sales in November of last year. Prices, meantime, increased somewhat for single family homes and townhomes.
Victoria Real Estate Board President, Chris Markham, says this has been a remarkable year of recovery for the real estate market, "Sales during the first eleven months of the year are running over 21 per cent higher than in the same period in 2008." Markham noted there has also been a substantial decline in the number of properties available for sale, "As of the end of November, there were 2,973 properties available for sale -- down 33 per cent from November of last year and this has put some upward pressure on prices."
The average price for single family homes sold in Greater Victoria last month was $617,987 up from $590,567 in October. Nineteen sales of over $1 million including one sale in North Saanich of over $3 million affected the overall average in November. The median price of single family homes sold was $555,000. The six-month average was $594,037. The overall average price for condominiums was $318,264 last month, down slightly from $322,349 in October. The average for the last six months was $318,014. The median price for condominiums in November was $285,000. The average price of all townhomes sold last month was $459,802 up from $438,058 in October. The median price rose to $423,000. The six month average was $440,563.
MLS® sales last month included 299 single family homes, 174 condominiums, 68 townhomes and 15 manufactured homes.
Source VREB.
Strong Property Sales in October
Show Continued Strength of Local Real Estate Market
November 2, 2009
Property sales throughout the Victoria area last month were at their highest level for the month of October since 1992. It was the sixth month in a row that property sales were higher than in the corresponding month of last year. A total of 742 homes and other properties sold in October through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down slightly from the 776 sales in September and up more than double the 316 sales in October of last year. Prices, meantime, remained stable.
Victoria Real Estate Board President, Chris Markham, says now that the market has clearly recovered from the downturn late last year and early this year, REALTORS® are working hard to find suitable properties for buyers. "The number of properties available for sale has dropped substantially from a year ago and now stands at 3,219 - down 31 per cent from October of last year," said Markham. "While there will always be month to month fluctuations in prices, this reduced inventory will inevitably bring some upward pressure on prices," he added.
The average price for single family homes sold in Greater Victoria last month was $590,567, down from $619,936 in September. The median price was $536,000. The six-month average was $587,623. The overall average price for condominiums was $322,349 last month, down slightly from $325,106 in September. The average for the last six months was $316,137. The median price for condominiums in October was $297,000. The average price of all townhomes sold last month was $438,058 down from $441,966 in September. The median price dropped slightly to $409,500. The six month average was $431,675.
MLS® sales last month included 400 single family homes, 203 condominiums, 76 townhomes and 12 manufactured homes.
source VREB.
Victoria Housing Market Outlook
Canada Mortgage and Housing Corporation- CMHC-Victoria Housing Market Report
Property Sales Highest in 17 Years for Month of September
October 1, 2009
The Victoria area real estate market showed signs of growing strength last month as property sales rose to their highest level for the month of September since 1992 accompanied by modest price increases for single family homes and condominiums. A total of 776 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from the 764 sales in August and up nearly 50 per cent compared to the 512 sales in September of last year.
Victoria Real Estate Board President, Chris Markham, says the market has clearly recovered and now appears to be very stable, "The last seven months have shown a steady improvement in sales and price stability. It’s very encouraging when we look back over the past several years and see sales now exceeding typical levels for this time of year."
There were 3,419 properties available for sale at the end of September, down 28 per cent from the 4,754 properties available in the same month a year ago. "We are now seeing some renewed upward pressure on prices as a result of the declining inventory," noted Markham.
The average price for single family homes sold in Greater Victoria last month was $619,936, up from $596,498 in August. Markham noted that the average price was affected by 24 sales of over $1 million. "These included five sales of over $2 million, three in Saanich East, one in Victoria and one on the Gulf Islands which had a significant impact on the overall average price," he stated. The median price increased $10,000 to $550,000. The six-month average was $581,498. The overall average price for condominiums was $325,106 last month, up from $317,312 in August. The average for the last six months was $311,546. The median price for condominiums in September was $295,000. The average price of all townhomes sold last month was $441,966 down from $455,430 in August. The median price dropped slightly to $415,000. The six month average was $426,521.
MLS® sales last month included 437 single family homes, 197 condominiums, 79 townhomes and 15 manufactured homes. source VREB.
Summary Report and Graphs made available from the VREB website.
October 2009 Statistics for the Victoria Real Estate Board
VREB Oct 09 Active Listings, New Listings and Sales
VREB Oct 09 Average Selling Prices
September 2009 Statistics for the Victoria Real Estate Board
Victoria Real Estate Market Hot Again;Sale numbers near record levels
VREB Sept 09 Active Listings, New Listings and Sales
VREB Monthly Sales Summary Sept 09
VREB Sept 09 Average Selling Prices
If you are looking for more statistics and trends for the Victoria Real Estate market and how it has performed in recent years
For Buyers | Buyer's Resources | Condos-Townhouses | Mortgage Info | For Sellers | Seller's Resources | Staging | Market Analysis | Mortgage Calculator | Victoria MLS® Stats | HST | Blog | Marketing | Communities | More Communities | Corporate Citizenship | Photo Gallery | Preferred Vendors | Moving to BC | Contact