Greater Victoria real estate sales, prices dip in November

Real estate sales and prices in Greater Victoria increased in November from the same month a year ago, but fell in each category compared with October this year.

A total of 465 homes sold in the capital region last month, a fall from the 602 properties that changed hands in October, according to data from the Victoria Real Estate Board. In November 2013, there were 412 sales.

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There were 249 single-family homes sold in November. A total of 120 condominiums sold, 46 townhouses and 20 manufactured homes.

The benchmark price for a single-family home was $489,000 in November, up from $482,300 a year earlier. Last month’s figure was down slightly from October, which came in at $489,700.

The benchmark price for a condominium in November was $285,100 — down from the $286,900 in October and the $280,600 price in November 2013. The townhouse benchmark price was $400,300, the same as the previous month, but up $11,000 from November 2013.

The highest benchmark price increase occurred on the Peninsula, with homes up about 3.5 per cent.

“We’ve seen a friendly market for buyers and sellers thanks to steady pricing and low mortgage rates,” board President Tim Ayres said in a statement. “By early last month, sales in the Victoria area met the number of total sales we saw for the entire year of 2013, and now we are 5.18 per cent over last year’s sales with another month to go before year end.”

Ayres also pointed out the number of active and new listings is also dwindling. He said 682 properties were listed for sale in November, bringing the total to 3,631, about 10 per cent less than what was on the market in November a year ago.

The Vancouver Island Real Estate Board, which covers the rest of the Island, said a total of 299 homes sold in November, a 25 per cent decrease from the 400 sales recorded the previous month. November’s benchmark price for a single-family home was $314,300, up 1.72 per cent from 2013.

The benchmark price of a single-family home in the Campbell River area was $263,100, down two per cent over this time last year. In the Comox Valley, the benchmark was $314,200, unchanged from 2013. Duncan reported a price of $286,600, an increase of 2.71 per cent, while Nanaimo’s benchmark was $341,200, up 4.81 per cent. Parksville-Qualicum had a benchmark of $358,600, a 2.69 per cent increase over last year. The price for a benchmark home in Port Alberni was $178,700, down 3.65 per cent.

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