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VREB November 2009 Report

 

Property Sales Ease in November

But Remain Well Above a Year Ago

 

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.

 

While the use of average price information can be useful in establishing trends when applied over a period of time, i.e. Six months or longer, the Victoria Real Estate Board cautions that an average price does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.