Blog by Brenda Russell

<< back to article list

Oak Bay Real Estate Update

Oak Bay Real Estate Update - February 2009

 

In January there were a total of 17 sales in the Oak Bay area which consisted of 11 Single Family Homes and 6 Condominiums.  No Townhome sales during the month of January.  Nothing over 1 million sold.  The highest sale last month in the Condominium category was between $400,000. - $425,000.

In December of 2008 there were a total of 10 Single Family Homes sold in Oak Bay and one Condominium priced between $225,000. - $250,000. No Townhome sales.

The outlook for this year in the Greater Victoria area from the Canada Mortgage and Housing Corporation (CMHC) predicts a 6% decrease for 2009.  Time will tell...Victoria is in my opinion the best place to live in Canada.  After all Victoria is Canada's South Pacific.  If you have never experienced this 'City of Gardens' you must try and this year might be the right time for you to invest...

Here are some Statistics you may be interested in;

Total Active Listings for February 1, 2009              - 3678

Total Active Listings for February 1, 2008              - 3027

New Listings for the month of January of 2009      - 1055

Average Days on the Market                                - 77

Average Days on the Market for January 2008       - 60

Number of Sales Year To Date 2009                      - 247

Number of Sales Year To Date 2008                      - 464

Average Sale Price for January 2009                     - $421,158.

Average Sale Price for january 2008                     - $493,000.

 

If you are Selling or Purchasing Real Estate in Victoria and would like some help, please call Brenda direct at 250.744.4556 or Toll free at 1.800.550.0585 she has been licensed since 1990.  I hope this update helped.  Please stay tuned for more updates.  Thank you.

Oak Bay Real Estate on Vancouver Island