I don’t think you’d find a real estate professional in the Victoria area who’d tell you they expected 2007 to outperform 2006. Everyone said the market was plateauing, that we should expect properties to sit on the market for months, and see price reductions left, right and center. The doomsday prophets predicted the credit problems in the United States would cause the so-called bubble to burst, and that sellers would be scrambling to offload their burdens. But, as the MLS® statistics show month after month, the market continues to surprise us. Here is the latest MLS® statistics report from the Victoria Real Estate Board.
Real Estate Sales Soar in October
November 1, 2007
Sales of homes and other properties in the Greater Victoria area soared 20 percent in October compared to the same month a year ago. There were 708 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in October, up from the 590 sales in the same month a year ago. There were 632 sales in September of this year. Meantime, prices for single family homes moderated somewhat while prices for condominiums and townhomes showed little change.
Victoria Real Estate Board President, Bev McIvor, says the strong sales and stable prices show continued consumer confidence in the market. “Sales last month were the highest for October since 2003 and so far this year sales are running nearly 13 per cent higher than the first 10 months of 2006.” McIvor added that it’s normal for overall prices to fluctuate on a month-to-month basis depending on the properties that sell in a given month. “While the average price of single family homes moderated slightly last month, the overall average price so far this year is over seven percent higher than at the end of last year.”
The average price of single family homes sold in October was $556,222; the six-month average for single family homes was $570,454. The median price was considerably lower at $495,000. The average price of all condominiums sold in October was $343,334; the average for the last six months was $321,993. The median was again lower at $291,000. The average price of all townhomes sold last month was $407,031; the six month average was $404,163. The median price was $369,950.
MLS® sales last month included 375 single family homes, 196 condominiums, 79 townhomes and 22 manufactured homes.
There were 3,311 properties listed for sale on the MLS® system at the end of last month, down slightly from the 3,426 properties in the same month a year ago.
Summary Report and Graphs