Strong Start to the Year for Victoria Area Real Estate Market February 1, 2007
The Victoria area real estate market got off to a strong start to the year last month both in terms of sales and prices. There were 442 property sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in January, up from 385 sales in December. There were 496 sales in January of last year.
Victoria Real Estate Board President, Bev McIvor, noted that prices remained steady and the number of properties available for sale continues to increase. "There were 2,661 properties of all kinds available for sale at the end of last month - up 22 percent from the same month a year ago."
McIvor noted that nearly a quarter of all single family homes sold last month for under $375,000 and 49 percent of condominiums last month sold for under $250,000. "We recognize that affordability is a concern given the significant increases in prices over the past few years, but it’s important to note that there are still many homes available for sale in more modest price ranges."
The average price for single family homes in Greater Victoria last month was $511,192; the average for the last six-months was $522,123. The median was lower at $451,000. The average price for all condominiums sold in January was $351,508; the average for the last six months was $308,990. The median was again lower at $254,500. The average price for all townhomes last month was $357,308; the average for the last six months was $369,236. The median was $330,000.
MLS® sales last month included 242 single family homes, 119 condominiums, 40 townhomes and six manufactured homes.
