Victoria Real Estate sets yet another record high.If you are an avid reader of our blogs you know we have been very bullish on the Victoria Real Estate market. We predicted a year ago when the average selling price for a single family dwelling in Victoria was around $500,000 that by the end of 2007 we would see $600,000. Many told us we were “out to lunch” to say the least. It’s now time to see how good our predictions were. The average for the month of December 2007 came in at a whooping $624,450 and a six month average of $581,419.
Lets have a closer look at all the details; the value of all property transactions through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) hit a new record of over $4.1 billion in 2007, up from $3.3 billion in 2006. That is up with 800 million dollars. If you look at single family home sales which accounted for over $2.5 billion while the value of condominium sales was over $756 million. Both sales and prices for all major property types increased last year. Last year was another exceptional year for the Victoria real estate market. Number of sales increased with over 12 per cent while the overall average price for single family homes rose 8.5 per cent; the average for condominiums rose over 11 per cent and the average for town-homes rose 10.5 per cent. We wrote a blog about just that back in May of last year predicting a 8 – 10 percent increase.
If we look at the higher priced properties, there were a total of 14 single family homes in Greater Victoria over $1 million. This of course helped push the average price to a new record high of $624,450 last month; the median price, was lower at $536,000. It’s always important to bear in mind that the average price in a given month can often be significantly affected by the sale of high-priced homes. The six-month average is a good indicator to see where the market is going. The six month average then for a single family homes in December was $581,419. This is right on target with our predictions.
The average price of all condominiums sold in December was $332,793; the average for the last six months was $319,980. The median was again lower at $292,900. The average price for town-homes sold last month was $445,960; the average for the last six-months was $415,648. The median price was $387,900.
December was also an active month as far as sales go. There were 408 MLS® sales last month, up from 385 sales in December of last year. There were 623 sales last November and it is common to see the activity drop over the holiday. Sales last month included 202 single family homes, 120 condominiums, 46 town-homes and 8 manufactured homes.
Inventory is very important. Sales always reacts to supply and demand. There were 2,799 properties listed for sale on the MLS® system at the end of last month, up from the 2,650 properties in the same month a year ago. When it comes to the inventory you also have to keep in mind that at any given time there are pre – sales of properties that not yet are finished. Right now there are 237 properties to be completed in 2008 or later and that’s approximately 8.5% of total available properties.
What are your thoughts and predictions for 2008. Please feel free to comment below. Further you can contact us any time regarding Real Estate.
In Closing, we would like to Thank You for your past and continued support.
Anders Treiberg, Associate Broker, REALTOR®
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