VREB released their August numbers today. It's a mixed bag 'o' positive if you're selling a house or make a living selling/building housing in this town. Here's some highlights:
- There were 846 sales through the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) in August, up 22 per cent from the 694 sales in the same month a year ago.
- There were 922 sales in July of this year. Meantime, 23 sales of over $1 million, including one sale in Oak Bay of over $5 million, helped push the average price of single family homes sold in August to another record high of $576,632
- the median price was considerably lower and remained unchanged from July at $515,000; the six-month average was $566,094.
- nearly 20 per cent of sales of single family homes last month were under $400,000.
- The average price for all condominiums sold in August was $298,852; the average for the last six months was $313,852. The median was again lower at $275,000.
- The average price for townhomes last month was $395,646; the average for the last six months was $398,299. The median was $379,000.
- There were 3,352, properties listed for sale on the MLS® system at the end of last month, virtually unchanged from the 3,345 properties in the same month a year ago.
We're expecting condos to get ugly soon. There is a glut of product in our immediate neighbourhood about to come online. Tuscany is almost done and still not 60% sold. Richmond Gate has been "over 65% sold" now for months. I keep waiting for that sign to say 75% or 80% but I guess they don't have the money to update it? That should drive some prices down.
Any parents of college kids out there buying condos as an investment rather than making your kids try and fight for rooms in the rental pool?
As a complete aside, I started a new Monday-Friday daytime job, so posting will likely happen in the evening now. We're officially DINKS, I expect our realtor to be calling everyday as we just pre-qualed for an extra $100K. This may be fun for a while.
UPDATE: Roger has a great analysis of why this news is good for those of us who consider ourselves RE market bears.