Victoria Real Estate Update - September 2009

Sept. 09 Victoria Real Estate Stats

Above is a graph from the Victoria Real Estate Board showing the number of New Listings and Total Sales for the month of August.

Property Sales in August Follow Usual Summer Trend

MLS® sales last month included 403 single family homes, 218 condominiums, 91 townhomes and 11 manufactured homes.

The total ACTIVE lisitngs count came in at 3.509 properties available for sale by the end of August, down 25 per cent from the 4.657 properties available in the same month a year ago. (number of properties sold NOT prices)

MLS® sales last month included one home selling over $5 million in Oak Bay and one in the Saanich East Area of Victoria. One home sold between $4-5 million in Central Saanich.  Sales between $1,000,000. - $2,000,000. showed two in Victoria, five in Oak Bay, three in Saanich East, one in Central Saanich, one in North Saanich, one in Colwood and two on the Gulf Islands.

Victoria Real Estate Board President, Chris Markham noted that the average price was affected by 17 sales of over $1 million.  "These included two sales of over $4 million, one in Saanich East and one in Central Saanich, and these had a significant impact on the overall average price," he stated.  The six-month average was $569,546. Condominium overall average price was $317,312. down from $328,441 in July.  The six-month average was $307,347.  The average price of all townhomes sold last month was $455,430. up from $443,109 in July.

The sales activity is still very strong especially homes offering additional accommodation up to $650,000.  Homes are selling on the first day listed with multiple offers and selling for well above the asking price.  A total of 764 homes and other properties sold in August through the Victoria Real Estate Board's Multiple Listing Service® and July showed 933 sales.

Below is a graph showing the Victoria Historical prices for Victoria BC

Sept. 09 Historical Prices

 I hope this helped you understand the market in Victoria BC as we head into Autumn.  For more sale information in Oak Bay please read my blog page and if you are considering selling or buying residential real estate in Victoria please call me direct at 250.744.4556 or toll free at 1.800.550.0585.  Stay tuned for more updates.