Real estate stability indicates healthy market

House sales were higher in November 2011 than in the same month last year

Steady house sales throughout Greater Victoria in November indicates a healthy market, says the president of the Victoria Real Estate Board.

“We were pleased to see that sales last month were higher than in November of last year and showed little change from October,” Dennis Fimrite said. “Looking forward, we anticipate continued stability as we move into 2012.”

Fimrite noted that there was some variability in prices last month, depending on property type.

“It’s important to look at price changes over several months to determine what trends are developing as there will always be month-to-month fluctuations in prices depending on what properties sell in a given month.”

He added that that there were 11 single-family house sales of more than $1 million in November, including one for more than $6 million in Oak Bay.

A total of 482 homes and other properties sold through the Victoria Real Estate Board’s Multiple Listing Service, compared to 483 sales in October. There were 479 sales in November of 2010.

The number of properties available for sale dropped off in November to 4,329 compared to 4,687 at the end of October.

“Inventory levels remained 16 per cent higher than a year ago but have fallen back from a peak of over 5,000 seen earlier this year,” said Fimrite.

The average price for single-family house sold in Greater Victoria last month was $592,034, down slightly from $595,836 in October.

The overall average price for condominiums last month was $320,558, up from $307,329 in October. The average price of all town homes sold last month was $380,675 compared to $428,040 in October.

MLS sales last month included 293 single-family houses, 104 condominiums, 48 town homes and 10 manufactured homes.