The Victoria Real Estate Market set yet another record. The average selling price for a single family home in the Greater Victoria Area is now $584,193. Last fall (2006) when the average price was around $525,000 (it even dipped down to $500,000 in December) we predicted that the average price would be around $600,000 by the end of 2007. If you have been following our blogs you know we have been very bullish on Victoria Real Estate.
What is the Real Estate Market going to do in 2008? This is a question we get asked over and over again. Our answer is of course, that nobody knows what is going to happen one can only predict. So what is my prediction for next year? What does our crystal ball tell us. Let’s put it this way, we are still investing in Real Estate. I think we will have a very strong spring market in 2008 and you will see an average selling price of $650,000 by the end of 2008.
How can we say this? You have to look at Victoria as a world class city, and compared with other world class cities, our real estate is pretty cheap. Further, Victoria is a destination city that has so much to offer. When people buy Real Estate in Victoria they buy a life style. Victoria and Vancouver Island have in my opinion the best climate in Canada, if not in the whole world. During the summer it is very rarely to hot and in the winter you can still go outside and enjoy nature etc. Where else can you ski, golf, pick flowers and go fishing all on the same day in the middle of February?
Let’s now have a look at last months statistics. There were 632 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in September, that is up seven per cent from the 593 sales in September of 2006. In August of this year we had 846 sales. As you can see the sales are down from last month, but as we mentioned in a previous blog, August is a month when there is lots of sales of lower priced condominiums and that also brings the number of unit sold up.
Let’s have a look at some more numbers. The average price of single family homes sold in the Greater Victoria Real Estate Area in September reached a new record high of $584,193. The median price was of course lower at $520,000. We have to keep in mind that the number of high priced sales affected the overall average price to a certain extent. For the month of September there were 17 single family home sales of over $1 million. If you look at the lower priced homes, almost a quarter of all single family homes sold for less than $425,000. Over the last six-months the average for single family homes in Greater Victoria was $572,007. Sales so far this year is up 12 percent compared to the first nine months of last year.
The average price for all condominiums sold in September was $341,014. Last month was $298,852 and as we mentioned in our blog in early September there are a lot of lower price condominiums sold to students attending Camosun College and University of Victoria. The last six months average was $318,198 and the median came in at $288,500.
The average price for town-homes last month was $402,313 with a six months average of $402,246. The median was $375,000.
MLS® sales for September included 335 single family homes, 150 condominiums, 77 town-homes and 21 manufactured homes.
There were 3,381 properties listed for sale on the MLS®; system at the end of last month, down slightly from the 3,449 properties in the same month a year ago. This shows us that there is still a very strong demand for all types of housing.
We would love to hear your comments. Just leave a comment below. If you have any questions about Victoria Real Estate in General, you can contact us anytime.
Anders Treiberg, Associate Broker, REALTOR®
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