October house sales produce mixed results

The average price for single-family homes dropped by $26,557 to $595,836 last month

Greater Victoria home prices fell slightly last month.

The average price for single-family homes dropped by $26,557 to $595,836 in October.

However, it’s not as bad as it appears.

The median price actually increased by almost $5,000 from September to $539,750 and is the price gauge realtors say better reflects market conditions.

However, Victoria Real Estate Board president Dennis Fimrite calls current house prices a “general softening” compared to the recent past.

Sales increased in Greater Victoria last month with 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service – up from 458 sales in September and 467 sales in October of last year.

October sales included 260 single family homes, 145 condominiums,  46 townhouses and 10 manufactured homes otherwise known as mobile homes.

“It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year,”  said Fimrite in prepared statement.

He said there will always be month-to-month fluctuations in prices and that “average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month.”

The total number of properties for sale slowed last month – 4,687 compared to 4,940 in September – although the number was still 16 per cent higher than a year ago.

The average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October dropped slightly to $277,000

The average price of all townhomes sold last month was $428,040 compared to $436,039 in September with the median price being $374,500.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Tenessa Nikirk found guilty in Saanich crash involving Leila Bui

Nikirk was charged with one count of dangerous driving causing bodily harm

Greater Victoria man killed in Alberta accident was expectant father

Geordie Murray described as ‘wonderful husband, brother son and friend’

Canada Post aware of ongoing email, text phishing scams

Scammers pretending to be Canada Post will ask for personal and payment information

Suicide rates not impacted by seasons

While men are three times more likely to commit suicide, women have higher rates of depression

VIDEO: Music stars pay tribute to Kobe Bryant at Grammys award show

Music artists including Billy Ray Cyrus, Rick Ross and Kirk Franklin paid tribute to Bryant

Pregnant B.C. woman stuck in Wuhan, the epicentre of coronavirus outbreak

Woman is due to give birth in Wuhan, China unless she can get out

Ontario confirms second presumptive coronavirus case in wife of first patient

Both arrived on a China Southern Airlines flight after having been to Wuhan

Canada’s basketball community mourns Kobe Bryant after helicopter crash

Bryant was an 18-time NBA all-star who won five championships

‘Devastated’: Fans, celebrities remember Kobe Bryant after his death

Bryant played all of his 20-year career with the NBA with the Los Angeles Lakers

Investigation launched after six dead puppies dumped in Richmond hotel parking lot

RAPS reminds people they can always give up puppies they can’t take care of

Canadian Lunar New Year celebrations dampened by coronavirus worries

But Health Minister Patty Hajdu said today that the risk of infection is low

B.C. VIEWS: New coronavirus outbreak an important reminder

Walking the line between cautious and alarmist

Kobe Bryant, daughter killed in California helicopter crash

Bryant entered the NBA draft straight out of high school in 1996

Most Read