Real Estate Team


VREB Sales Report - January 2011

February 1, 2011

January Real Estate Sales and Prices Steady

The number of property sales throughout Greater Victoria showed little movement in January while overall prices remained stable. A total of 339 homes and other properties sold in January through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), down slightly from the 349 sales in December. There were 418 sales in January of last year.

Victoria Real Estate Board President, Dennis Fimrite, noted that January’s figures reflect the continuation of the return to a stable and balanced market that began last year, “Historically, the winter months are usually a slower time for real estate sales and we anticipate market activity will pick up as we head toward spring.” Fimrite noted that inventory levels showed little change in January. “There were 3,283 properties available for sale at the end of January – a slight increase compared to the 3,252 properties available at the end of December,” he added.

The average price for single-family homes sold in Greater Victoria last month was $603,401 down from $647,063 in December. The median price, however, rose slightly to $576,000. The six-month average was virtually unchanged at $619,875. There were 12 single family home sales of over $1 million in January including one on the Gulf Islands.

The overall average price for condominiums was $323,002 last month, up from $301,671 in December. The average for the last six months was virtually unchanged at $320,108. The median price for condominiums in January rose to $293,000. The average price of all townhomes sold last month rose to $447,792 from $434,783 in December. The median price also rose slightly to $418,050 while the six month average rose to $435,749.

MLS® sales last month included 178 single family homes, 90 condominiums, 39 townhomes and 11 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®.

MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.