Real Estate Sales Ease in September Outlook for Balance of 2011 Remains Stable
Real estate sales activity softened throughout Greater Victoria last month with a total of 458 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), down from 542 sales in August. Sales last month were, however, 16 per cent higher than the 395 sales in September of last year. Prices, meantime, remained mixed depending on the property type.
Victoria Real Estate Board President, Dennis Fimrite, noted that the overall market remains stable despite some easing of sales in September. “There has been some softening in activity over the last year with the number of sales so far this year running about 10 per cent below last year’s levels. However, sales during the last two months have been higher than in August and September of last year and we anticipate stable market conditions for the balance of this year.” Fimrite noted that despite economic uncertainty, interest rates remain very attractive and this is positive news for buyers. He added that that there were 17 single family home sales of over $1 million in September including one in Saanich East at over $6 million.
Fimrite added that the number of properties available for sale remained virtually unchanged last month with inventory levels currently 14 per cent higher than a year ago. “The number of properties available for sale declined very slightly last month to 4,940 compared to 4,944 at the end of August.” The average price for single-family homes sold in Greater Victoria last month was $622,393, down from $652,841 in August. The median price also declined to $535,000 (from $547,000) while the six-month average increased slightly to $622,519. The overall average price for condominiums last month was $332,490, down from $339,057 in August.
The average for the last six months increased slightly to $331,209. The median price for condominiums in September also increased to $279,900 (from $271,500). The average price of all townhomes sold last month showed little change at $436,039 compared to $437,079 in August. The median price declined to $391,000 (from $416,700) while the six month average increased slightly to $447,127.
MLS® sales last month included 244 single family homes, 128 condominiums, 52 townhomes and 12 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®.