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2 Feb

Market update


Posted by: Chris Cavaghan

Real estate sales in Greater Victoria got off to a solid start in 2010 with 418 homes and other properties sold through the Multiple Listing Service during January.

The Victoria Real Estate Board noted the January figures were down slightly from the 453 sales in December, but up nearly 70 per cent from the same period a year ago when real estate hit a low point amid the recession.

“After last year’s remarkable recovery in the real estate market, we are pleased to see strong sales for January and look forward to a balanced market in the months to come”, board president Randi Masters said in a statement.

The average price for single family homes sold in Greater Victoria last month was $644,678, down from $651,316 in December.

There were 15 sales of more than $1 million, including one in Central Saanich of more than $2 million and one sale in North Saanich of more than $2.5 million, affecting the overall average in January.

The median price of single family homes rose to $595,000. The six-month average was $615,271.

The overall average price for condominiums was $313,337 last month, down from $345,907 in December. The average for the last six months was $322,775. The median price for condominiums in January rose to $299,900.

The average price of all townhomes sold last month was $453,013 down from $485,307 in December. The median price declined to $399,250. The six month average was $452,447.

MLS sales last month included 220 single family homes, 112 condominiums, 46 townhomes and eight manufactured homes.

The number of properties available for sale increased last month to 2,793 up from 2,557 at the end of December, but still down 24 per cent from January of last year.

Masters said the board expects further increases in the number of properties on the market heading into spring that will offer a greater choice to buyers.