Below Average Sales Volume Continues

The number of property sales in Victoria slowed further in September while prices showed some variability, depending on the property type. A total of 395 homes and other properties sold in September, down from the 425 sales in August. There were 776 sales in September of last year.

The month began very slowly but there was a significant increase in sales during the second and third weeks. While September’s sales were well below traditional levels for the month, it is important to bear in mind that a comparison to September of last year can be somewhat misleading given the exceptional year Victoria had in 2009.

The average price for single-family houses sold in Victoria last month was $599,825 up from $586,676 in August. The median price, however, declined to $531,000. The six-month average also declined slightly to $624,702. The overall average price for condos was $295,463 last month, down from $320,874 in August. The average for the last six months was $325,010. The median price for condos in September rose to $290,000.

The number of properties available for sale at the end of September declined slightly to 4,323 but this was still 26% higher compared to the 3,419 available properties in September of last year.

September sales included 228 single family houses, 100 condos, 36 townhomes and 13 manufactured homes.

There have been 161 total sales through the first 11 days of October. Also, total listings have dropped considerably so far in October to 3,964. I expect inventory numbers to continue to drop through the remainder of the year. Call me at 250-896-7099 or email me at info@scottgarman.ca to discuss the current real estate market further.

Charity Spotlight - Providing Affordable Housing!

The Greater Victoria Housing Society has been providing affordable rental housing in this region since 1956. It has twelve buildings in the communities of Victoria, Saanich, Esquimalt and Colwood. With 662 apartments and townhouses, the Society provides housing for low income families, seniors, adults with disabilities, the frail elderly, and low income wage earners. The Society is also a registered charity.

The Society seeks donors and partners who share their mission to ensure that everyone has access to good quality affordable housing. The Society is currently working with two community-minded partners and hopes to be able to build two new buildings with a total of 77 units of rental housing in Victoria in 2011.

The Society is always working to improve its existing buildings and seek partnerships with suppliers and community groups to help with this work. The Society’s donors have been generous in providing design advice, flooring, financial support to buy playground equipment, and so on. When the Society bought an existing rental building, the Realtors involved made significant financial contributions to help fund needed renovations. This work secures the building as part of the region’s affordable housing stock.

There is no better support than a home - the Society makes a huge contribution to give children, their parents, seniors and those in financial trouble with a base on which to build their lives.
The following is one of the Society’s complexes - Grafton Lodge, a 39 unit apartment building designed for 27 seniors and 12 assisted living residents:

For more information on this great community organization and how you can help, please call the Society at 250-384-3434 or visit their website at www.greatervichousing.org