Victoria Real Estate Update - November 2010

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®, up slightly from the 467 sales in October.  There were 604 sales in November of last year.

Victoria Real Estate Board President 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."  She also added that the 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."

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 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.

Below is a graph from Victoria Real Estate Board showing the Victoria's real estate new listings vs. sales for Novermber 2010.

In Victoria there were 438 Single Family homes sold year to date and 43 sold in the month of November.  Oak Bay had 214 Single Family homes sold with 12 sold in November.  Esquimalt, 115 year to date with 10 in November.  View Royal 105 YTD and 10 in November.  Saanich East 625 YTD and 41 in November.  Saanich West 310 YTD and 25 in November.  Central Saanich 157 YTD and 15 in November.  North Saanich 137 YTD and 17 in November.  Sidney had 100 YTD and 5 in November.  Highlands had 20 YTD and 2 in November.  Colwood had 176 Year to Date and 24 in November.  Langford had 400 YTD and 19 in November.  Metchosin had 30 YTD and 2 in November.  Sooke had 247 Year To Date and 19 in November.

There were 766 Victoria Condominiums sold year to date with five of these sales priced at over the $1 Million price range.  46 in Oak Bay, 79 in Esquimalt, 16 in View Royal, 260 in Saanich East, 98 in Saanich West, 29 in Central Saanich, one in North Saanich, 89 in Sidney, zero in Highlands, 23 in Colwood, 215 sold in Langford, zero in Metchosin, and 34 in Sooke year to date.

Year to Date in the Victoria Townhome category were 137 starting between $250,000. - $275,000. price range up to $850,00. - $875,000.  In Oak Bay, there was five townhomes sold (not many available in this area), Esquimalt had 24, View Royal had 24, Saanich East 103, Saanich West 68, North Saanich 18, Sidney 42, zero in Highlands, 52 in Colwood, 76 in Langford, zero in Metchosin, and 41 in Sooke.

I hope this has helped you understand the current market in Victoria BC as we head into 2011.  Please read my blog if you are looking for more information about the Oak Bay area and that particular real estate market.  If you are thinking about Selling or Buying residential real estate please call me direct at 250.744.4556, 1.800.550.0585 or follow me on twitter at http://twitter.com/brussell6.  Experienced, licenced for 20 years and dedicated to service with a smile.  Please stay tuned for more updates.