January 2009 Oak Bay Real Estate & Victoria Real Estate Market Update
Following several years of significant price increases and exceptionally strong sales in 2007, the Victoria area housing market softened in 2008. Total sales of homes and other properties fell by 27% compared to 2007 while the value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) dropped from over $4.1 billion in 2007 to $3.1 billion last year.
Victoria Real Estate Board President Chris Markham noted that due largely to increases in the early part of 2008, overall average prices for the year as a whole showed modest increases compared to 2007. “The overall average price for single family homes rose three percent last year; the average price for condominiums rose just under one percent while the average price for townhomes rose 5.6%.” Markham notes there has been some softening in prices in recent months and anticipates the market will stabilize during 2009.
Markham noted that sales continued to decline in December, though overall prices showed little change. The average price of single family homes in Greater Victoria last month was $548,025; the six-month average was $556,458. The median price was considerably lower at $507,500. The average price of all condominiums sold in December was $280,487; the average for the last six months was$302,566. The median was again lower at $253,750. The average price for townhomes sold last month was $389,371; the average for the last six-months was $418,364. The median price was $368,000.
There were 239 MLS® sales last month, down from 408 sales in December of last year. There were 268 sales in November. Sales last month included 140 single family homes, 53 condominiums, 28 townhomes and eight manufactured homes. There were 3,824 properties listed for sale on the MLS® system at the end of last month, up 37 per cent from the 2,799 properties in the same month a year ago.