October 1, 2010
Real Estate Market Sales Slow in September
Prices Remain Mixed
The number of property sales throughout Greater Victoria slowed further in September while prices showed some variability, depending on the property type.
A total of 395 homes and other properties sold in September through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from the 425 sales in August. There were 776 sales in September of last year.
Victoria Real Estate Board President, Randi Masters, noted that most activity took place toward the end of the month: “The month began very slowly but we saw a significant increase in sales during the second and third weeks. While September’s sales were well below traditional levels for the month, it is important to bear in mind that a comparison to September of last year can be somewhat misleading given the exceptional year we had in 2009.” Masters added that prices were mixed last month, with some indicators showing an increase and others a decrease. “Overall average and median prices can fluctuate month-to-month depending on the prices of properties sold, so it is always important to view changes over a period of several months time in determining what trends are developing,” added Masters.
The average price for single-family homes sold in Greater Victoria last month was $599,825 up from $586,676 in August. The median price, however, declined to $531,000. The six-month average also declined slightly to $624,702. There were eleven single family home sales of over $1 million in September compared to eight such sales the previous month. The overall average price for condominiums was $295,463 last month, down from $320,874 in August. The average for the last six months was $325,010. The median price for condominiums in September rose to $290,000. The average price of all townhomes sold last month rose to $439,040 from $432,284 in August. The median price rose to $425,633. The six month average was $435,074.
The number of properties available for sale at the end of last month declined slightly to 4,323 but this was still 26 per cent higher compared to the 3,419 available properties in September of last year.
MLS® sales last month included 228 single family homes, 100 condominiums, 36 townhomes and 13 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®.