Last half of 2011 sees stabilized real estate market

Single-family homes, town homes and manufactured homes sales increase in December

The Greater Victoria housing market-trend looked more like a carousel ride than a roller coaster by the end of 2011.

After a slow start, real estate sales stabilized by summer.

Annual sales for single-family homes, town homes and manufactured homes had increased last month, while condominium sales decreased by 15 per cent compared to December 2010.

“This may be the result of an increased number of lower priced single-family homes that became available,” said Carol Crabb, president of the Victoria Real Estate Board.

Crabb said that housing prices have softened since December 2010, when the average home sold for $647,063, while in 2011, average prices fluctuated and now sit at $592,582.

“This is still quite high compared to the average of $534,411 during the first quarter of 2009. My feeling is that 2010 closed with a very strong market and in 2011, we saw average sales hit the 2010 high only in August,” said Crabb.

The average price for homes sold last month was $592,582, up slightly from $592,034 in November.

The overall average price for condominiums last month was $312,066, down from $320,558 in November. The average price of all town homes sold last month was $387,719 compared to $380,675 in November. There were six sales of homes slightly more than $1 million.

MLS sales last month included 183 single-family homes, 89 condominiums, 37 town homes and 11 manufactured homes.