Median prices drop, averages up in real estate market

While the average price of properties in Greater Victoria increased between January and February, the median price decreased across the board. According to the Victoria Real Estate Board, the median price for a single-family house slipped to $564,950 in February from $576,000 in January. The median in Feburary 2010 was lower, at $560,950. The average was $610,975. For condominiums, the median price fell to $285,444. It was $293,000 in January and $285,000 in February 2010. January was a slow month for sales, with just 339 properties selling in the region. The pace picked up last month, with 621 properties taken off the market. A total of 431 more properties were still on the market at the end of February than the end of January, at 3,714. “Inventory levels are currently 13 per cent higher than a year ago,” VREB president Dennis Fimrite said in a press release. “It is common to see the market pick up following the December-January holiday period and last month’s significant increase in sales, along with relatively stable prices, demonstrates ongoing confidence in the market by both buyers and sellers.”