Continued Strength in Real Estate Market

Continued Strength in Real Estate Market October 3, 2005
September was another strong month for the Victoria area real estate market with stable prices and sales up by nearly ten percent compared to September of last year.

There were 714 sales of homes and other properties through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) last month, down from the 753 sales in August but up from the 650 sales in September of last year.

Victoria Real Estate Board President, Gary McInnis, notes that average prices continue to be affected by high-end sales with 14 sales last month of over $1 million, including four in Oak Bay and three on the Gulf Islands. "It’s important to remember, however, that properties are available in a wide price range. Over 28 per cent of single family sales were for less than $350,000 last month and nearly 43 percent of all condominiums sold for less than $200,000."

The average price for single family homes in Greater Victoria last month was $481,786; the average for the last six months was $470,561. The median price for single family homes at $419,950 was substantially less than the average. The average price for all condominiums sold in September was $255,558; the average for the last six months was $247,034. The median was again lower at $212,900. The average price for townhomes in September was $353,255; the average for the last six months was $346,184.

McInnis notes that the number of properties of all kinds available for sale continues to increase modestly. "In September there were 2,436 properties available for sale -- up slightly from the 2,416 available in the same month a year ago."

MLS® sales last month included 406 single family homes, 176 condominiums, 66 townhomes and 13 manufactured homes.