September, 2010 Sales Slow - Prices Remain Mixed.

Photo with kind permission of Benjamin Madison

October 1, 2010

In September 395 properties sold through the Victoria Real Estate Board’s Service® (MLS®). This was down from the 425 sales in August and much lower than the 776 sales in September of 2009.

Victoria Real Estate Board President, Randi Masters, commented: "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."

Single-family homes average prices sold in Greater Victoria in September 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 in August.

Condominiums average prices sold 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.

Townhomes average prices 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.

The total MLS® sales in September included 228 single family homes, 100 condominiums, 36 townhomes and 13 manufactured homes.

Here are the Victoria Average Listings and Sales from September 2008

and Average Selling Prices from September 2008