November Real Estate Sales Rise
The number of property sales throughout Greater Victoria rose in November. Prices, meantime, remained mixed with gains for condominiums but some declines for single family homes and townhomes. A total of 479 homes and other properties sold in November through the Victoria Real Estate Board’s Multiple listing Service® (MLS®), up slightly from the 467 sales in October. There were 604 sales in November of last year.
Victoria Real Estate Board President, Randi Masters, noted that the number of sales has now risen for two consecutive months, “The further increase in sales in November adds more weight to our belief that the market has now returned to a stable, balanced state.” Masters added that with declining inventories, some further increase in sales can be expected next year while prices will likely remain stable. “There were 3,723 properties available for sale at the end of November – a decline of some 300 properties compared to October though still 25 per cent higher than a year ago,” added Masters.
The average price for single-family homes sold in Greater Victoria last month was $636,634, down from $641,780 in October. The median price declined to $530,000. The six-month average also declined slightly to $623,941. There were 20 single family home sales of over $1 million in November including one sale in Oak Bay of over $5 million. There were 12 sales of over $1 million in October. The overall average price for condominiums was $349,512 last month, up from $323,522 in October. The average for the last six months rose to $325,196. The median price for condominiums in November rose to $290,000. The average price of all townhomes sold last month declined to $416,067 from $446,026 in October. The median price declined to $395,000. The six month average was $430,437.
MLS® sales last month included 264 single family homes, 123 condominiums, 47 townhomes and 17 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®.
