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VREB October 2008 Report

Here is the report for October as written by Tony Joe, president of the Victoria Real Estate Board.

 

Property Sales Soften in October; Prices Remain Stable
The number of property sales throughout Greater Victoria declined in October while prices remained
stable.
A total of 316 homes and other properties sold in October through the Victoria Real Estate Board’s
Multiple Listing Service® (MLS®) down from the 512 sales in September. There were 708 sales in
October of last year. The number of properties available for sale at the end of October was 4,680. That
represents a 41 per cent increase compared to October of last year but a slight decline from the 4,754
properties available for sale at the end of September.
Victoria Real Estate Board President, Tony Joe, says despite the decline in the number of sales, it is
important to keep the market activity in context. ”The last six years have seen extraordinary growth.
Last year in particular was truly exceptional both in terms of sales and prices so comparisons must be
made with care. A more realistic comparison would be with 1998 -- a year in which sales and inventory
levels were comparable to today and a time when the market was considered to be strong and stable.”
Joe noted there has been a total of 6,012 sales in the first ten months of this year compared to 4,571 in
the corresponding period in 1998. There were 4,057 active listings at the end of October, 1998
The average price of single family homes in Greater Victoria last month was $565,741, up from
$549,284 in September; the six-month average was $574,848 though the median price in October was
considerably lower at $495,000. There were seven single family homes that sold for over $1 million in
October, including two in Oak Bay, one of which sold for between $2 million and $3 million.
The average price of all townhomes sold last month was $389,731, down from $405,287 in September;
the six month average was $425,866. The median price in October was $369,500. The overall average
price for condominiums at $323,028 last month was up from $319,562 in September. The average for
the last six months was $316,644. The median price for condominiums in October was $280,000.
MLS® sales last month included 184 single family homes, 76 condominiums, 26 townhomes and eight
manufactured homes.