The latest stats from the Victoria Real Estate Board have just been released and they point to a drop in the average house price from January ’s $606, 449. Does this mean we are on a down ward trend? Maybe the average price has dropped, but this is definitely not the best statistical measurement for house prices because of the skewing by some very expensive homes that can greatly affect the average price. The best indicator statistically is the median price - the middle number if you will, and this number has gone up from January’s 530,200. Maybe the very expensive homes are not selling as fast but the median price homes in Victoria are very hot right now. For more on last months statistics please see below.
The number of sales of homes and other properties in the Greater Victoria area moderated in February. There were 619 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in February, down from the 707 sales in the same month a year ago. There were 464 sales in January.
Victoria Real Estate Board President, Tony Joe, says the market continues to be well-balanced with strong demand for homes that are realistically priced coupled with a growing selection of available properties for sale. “The total number of properties available for sale rose to 3,311 in February - a 13 per cent increase over February of last year,” noted Joe.
Last month over 27 per cent of single family homes sold for under $450,000 while nearly 37 per cent of condominiums sold for under $275,000. At the higher end of the market, Joe noted that there were nine sales in Greater Victoria and one sale on the Gulf Islands of over $1 million.
The average price of single family homes sold in February in Greater Victoria was $587,295; the median price was $543,500. The six-month average for single family homes was $588,826. The average price of all condominiums sold in February was $333,408; the average for the last six months was $334,577. The median was again lower at $299,450. The average price of all townhomes sold last month was $422,607; the six month average was $426,685. The median price was $395,000.
MLS® sales last month included 316 single family homes, 177 condominiums, 73 townhomes and 13 manufactured homes.
If you have any questions or would like more information on these statistics please visit our website or the Victoria Real Estate Boards site for the latest stats and all the historical as well.
Cheers
Bill
Bill Ethier B.Sc - REALTOR®
Properties in Victoria Professionals- Royal LePage Coast Capital Realty
Bill has been a REALTOR® in Victoria since 2006. Originally from the Vancouver area, Bill moved to Victoria to attend the University of Victoria where he received his Bachelor of Science. Not only does Bill have a wealth of real estate knowledge he is also an active member of the community. He is a member of Triple Shot Cycling Club, Island Road Racers and is the Race Director for the Sooke River 10K.
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