Posted by: Daryl & Wendy Ashby | September 22, 2009

August Market

“August Follows Summer Trend”

The number of sales in Greater Victoria slowed during August, yet they remained significantly higher in number than a year ago. Prices remained stable with some increase in single family homes. A total of 764 properties sold, down from 933 in July but up 48% over last year. Holidays are a major factor in the slowing trend, but the increase in sales over last year is a confirmation of the turn around in our economy.
There were 3509 properties available, which is down 25% from last year. If this continues it will force prices upwards. Sales so far this year are running 6% higher than the first eight months of last year.
The average single family sold for $596,498, up from $565,469 in July. Seventeen of those were over $1 million, leaving an impact on the overall average. Condominiums averaged $317,312 last month, down from $328,441 in July. Townhomes averaged $445,430 up from $443,109 in July.
MLS sales last month included 403 single family homes, 218 condominiums, 91 townhomes and 11 manufactured homes.
These stats suggest only 22% of the listed homes sell in a given month. Pricing remains critical.


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