Posted by: Daryl & Wendy Ashby | December 3, 2011

December’s Market Update

Real estate sales activity remained steady throughout Greater Victoria last month with a total of 482 sales via the Victoria Real Estate Board’s MLS service, virtually unchanged from 483 sales in October and 479 last November. Overall prices remained mixed, depending on price measure and property type.

The continued stability in sales is indicative of a balanced and healthy market. For many seller’s who are searching for that elusive dollar, that would be a hard statement to swallow.

We are pleased to see that sales last month are higher than in November of last year and showed little to no change from October. Looking forward we anticipate continued stability as we move into 2012.

There were 11 single family homes that sold for over $1 million in November including one for over $6 million in Oak Bay.

The total number of properties available for sale eased last month to 4329 compared to 4687 at the end of October. Inventory levels remained 16 per cent higher than a year ago but have fallen back from the peak of over 5000 earlier this year.

The average price for a single-family home sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October. The median price declined as well to $530,000 while the six-month average declined to $613,259.

The overall average sale price for condominiums last month was $320,558, up from $307,329 in October while the average for six months declined slightly to $321,941.

The average sale price for townhomes was $380,675 compared to $428,040 in October.

Total MLS sales last month included 293 single family homes, 104 condominiums, 48 townhomes and 10 manufactored homes.

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