Home sales in the Victoria area dropped in August compared to the same time last year, according to the latest figures from the local real estate board.
The Victoria Real Estate Board says 736 properties sold in their region in August, 16.6 per cent fewer than 883 properties sold in the same month last year. There were 1,917 active listing for sale on the Victoria Real Estate Board Multiple Listing Service at the end of August 2017, 8.5 per cent fewer than the end of August last year.
The average selling price for a single family home in Greater Victoria was $831,883 in August, down 4.2 per cent compared to July 2017. However, the average selling price for a single family home in August was up by 10.5 per cent compared to the same month last year.
For a condo, the average selling price was $414,637, up 23.1 per cent from the same month last year.
Townhouses also saw a jump in average selling prices. In August, it was $556,840. During the same month last year, the average selling price for townhouses was $462,989.
The board says the benchmark value for a single family home in the Victoria home has increased by 10.8 per cent since last year. In August 2017, the benchmark value was $823,100 compared to $743,200 in August 2016.
Victoria Real Estate Board President Ara Balabanian said he was surprised by the inventory numbers.
“I expected inventory numbers to be climbing by now, but instead we’ve seen even lower numbers of listings on the market. This is likely leading to some buyer fatigue along with pressure on pricing in high demand areas.”
Victoria Real Estate Board Statistics August 2017