October house sales produce mixed results

The average price for single-family homes dropped by $26,557 to $595,836 last month

Greater Victoria home prices fell slightly last month.

The average price for single-family homes dropped by $26,557 to $595,836 in October.

However, it’s not as bad as it appears.

The median price actually increased by almost $5,000 from September to $539,750 and is the price gauge realtors say better reflects market conditions.

However, Victoria Real Estate Board president Dennis Fimrite calls current house prices a “general softening” compared to the recent past.

Sales increased in Greater Victoria last month with 483 homes and other properties selling through the Victoria Real Estate Board’s Multiple Listing Service – up from 458 sales in September and 467 sales in October of last year.

October sales included 260 single family homes, 145 condominiums,  46 townhouses and 10 manufactured homes otherwise known as mobile homes.

“It is encouraging to note that sales last month were higher than in the previous month and compared to October of last year,”  said Fimrite in prepared statement.

He said there will always be month-to-month fluctuations in prices and that “average prices are particularly susceptible to change depending on whether more higher priced or lower priced properties sell in a particular month.”

The total number of properties for sale slowed last month – 4,687 compared to 4,940 in September – although the number was still 16 per cent higher than a year ago.

The average price for condominiums last month was $307,329, down from $332,490 in September. The median price for condominiums in October dropped slightly to $277,000

The average price of all townhomes sold last month was $428,040 compared to $436,039 in September with the median price being $374,500.