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Real Estate In Victoria BC – Monthly Update

Real Estate sales in the Greater Victoria area followed the expected trend and softened a bit last month as many people enjoyed vacation time with family and friends. The prices also moderated somewhat. There was a total of 517 homes and other properties sold in August through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®). Last year we had 616 sales in July and 846 sales in August.

Bill Ethier and Properties In Victoria Professionals, note that today’s buyers now have more properties from which to choose than at any time since 1996. This is great for all buyers. The number of properties available for sale is now at the highest level in over 12 years, increasing in August to 4,657. That represents a 39 per cent increase compared to August of last year. 

The prices moderated last month with nearly 46 per cent of single family homes selling for under $500,000. The average price of single family homes in Greater Victoria Real Estate Area last month was $549,914, down from over $578,000 in July. If we look at the six-month average, it was $592,582. Further the median price in August was considerably lower at $512,000. How about the more prestigious and luxuary homes? Well, eleven single family homes sold for over $1 million in August, including two sales on the Gulf Islands.

The average price of all townhomes sold last month was $413,994, down from nearly $455,000 in July. The six month average was $435,309. The median price for townhouses in August was $382,000. The condo market last month was just about unchanged from July with an average price of $302,200. The average for the last six months was $319,825. The median price for condominiums in Victoria in August was $280,000.

Total MLS® sales last month in the greater Victoria real estate area included 269 single family homes, 160 condominiums, 53 townhomes and eight manufactured homes.

If you would like to have some more info here are some graphs that might be of interest.

Summary Report and Graphs

What do you think the real estate market will do in the next year?  Write some comments below and let us know.  Further, to Stay on top of the local Victoria Real Estate Market, subscribe to our free on line News Letter. If you are looking for a specific type of property like a small condo or a prestigious ocean front estate, we have the tools to make your search easy.

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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