Posted on
September 30, 2010
by
Kevin Ramsay
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®.
