House prices up slightly

Large sales could affect numbers

Real estate prices made gains this past month.

The average month-over-month price of single-family houses, condos and townhouses all increased, but the president of the Victoria Real Estate Board said high-end sales could have affected those averages.

“Although there was some modest increase in overall prices in August, it is important to note that prices can fluctuate month-to-month depending on the properties sold and it takes time for trends to develop,” Dennis Fimrite said.

“Higher priced sales in particular can have a significant impact on overall average prices.”

In August, 25 single-family houses sold for more than $1 million, including one in Oak Bay and one in North Saanich at more than $3 million each.

The average price of a single-family house was $652,841, up from $581,117 in July. The six-month average increased to $621,960. The average price for a condo was $339,047, up from $315,371 in July. The six-month average increased  to $329,951.

 

Real estate inventory in the region has been higher than ever so far this year, but took a slight downturn in August, with 542 properties selling and 4,944 properties remaining on the market. That leaves current inventory at 13 per cent higher than last year’s levels.