November 1, 2011

Real estate sales activity showed a modest increase throughout Greater Victoria last month with a total of 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®), up from 458 sales in September. There were 467 sales in October of last year. Overall prices, meantime, remained mixed, depending on price measure and property type.

Victoria Real Estate Board President, Dennis Fimrite, said the increase in sales activity is good news and reflects ongoing stability in the market, “It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year.” Fimrite added that there will always be month-to-month fluctuations in prices and that average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month. “There was some general softening in most price measures last month but it is interesting to note that while the overall average price for single family homes declined last month, the median price actually rose by almost $5,000,” noted Fimrite. He added that that there were 14 single family home sales of over $1 million in September including one on the Gulf Islands. Fimrite added that the number of properties available for sale eased last month though inventory levels remained 16 per cent higher than a year ago. “The number of properties available for sale declined last month to 4,687 compared to 4,940 at the end of September.”

The average price for single-family homes sold in Greater Victoria last month was $595,836, down from
$622,393 in September. However, the median price increased to $539,750 while the six-month average
decreased slightly to $619,828. The overall average price for condominiums last month was $307,329, down
from $332,490 in September. The median price for condominiums in October declined only slightly to $277,000
while the average for the last six months declined to $323,039. The average price of all townhomes sold last
month was $428,040 compared to $436,039 in September. The median price declined to $374,500 while the six
month average declined to $438,167.

MLS® sales last month included 260 single family homes, 145 condominiums, 46 townhomes and 10
manufactured homes.