Posted by: Daryl & Wendy Ashby | October 12, 2009

September’s Market Report

September Sales Highest in 17 Years

The market showed significant signs of growing strength last month as property sales rose to their highest level since Sept. 1992. Accompanied by modest price increases for single family homes and condominiums, there were a total of 776 homes and other properties sold through the Victoria Real Estate Board, which is up from 764 in August and nearly 50% greater than Sept. last year.

The market is clearly recovering and every indication suggests that it is now stable.

There were 3,419 properties available for sale at the end of Sept, down 28% from this time last year. As a result of declining inventory, we are now seeing some upward pressure on prices.

The average price for a single family home in Great Victoria last month was $619,936, up from $596,498 in August. Twenty-four of those sales were over $1 million of which five were over $2 million. This definitely affects the average sale price.

The overall average sale price for condominiums was $325,106 last month, up from $317,312 in August.

The average price of all townhomes last month was $441,966 which was down from $455,430 last month.

Total sales last month included 437 single family homes, 197 condominiums, 79 townhomes and 15 manufactured homes.

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