The listings to sales ratio has reached the “balanced” territory, at 20 per cent. (Black Press file photo)

West Shore real estate sales fall along with the rest of Greater Victoria

Real estate market in the region peaks

Single family home sales in the West Shore fell 17 per cent from the same time last year, keeping in line with overall market cool-off in Greater Victoria.

The number of active listings in the West Shore edged up slightly since last month, even as overall sales are largely trending downward.

View Royal saw the biggest drop in single family home sales, considered a benchmark of overall health in the market, down from 10 home sales to four in a month since the same time last year. The town’s average single-family home prices have gone up 10.6 per cent from the same time last year, from $643,500 to $711,700. Prices for these homes in the West Shore overall have gone up from $599,400 to $626,400, a 4.5 per cent change.

READ MORE: B.C. home sales drop 25% in 2018

Single family homes sales in Langford are down 12.5 per cent from 28 to 32, while price rose 15.3 per cent, from $526,000 to $606,500 for the months of January. By comparison, the single-family benchmark home price for West Shore grew 4.5 per cent from $626,400 to $599,400 in the last year. In Greater Victoria, prices edged up 2.2 per cent at this time.

The listings to sales ratio has encroached the “balanced” territory, at 20 per cent. This puts negotiations at a more even keel for both buyers and sellers. Anything above 25 per cent favours sellers while anything under 10 per cent is considered a buyers’ market.

Colwood’s single family residential sales have dropped from eight sales in the last month to five in the same timeframe last year. Home prices have risen slightly since last year, up from an average of $671,500 to $684,300.

RELATED: Students struggling with Greater Victoria’s tight housing market

Condo prices in Langford have risen 8.47 per cent since last year to reach $390,400. Colwood’s average condo prices are higher, at $407,900, up 8.65 per cent from 12 months ago.

Highlands was the only place in the West Shore where single family home sales were not below last January’s figures, with two sales each. Benchmark average price for homes in Highlands for January 2019 are $856,100, whereas 12 months ago it was $826,800.

As expected, Metchosin had few home sales and was unlisted in the VREB data for January 2019, likely because it had no sales. It had one sale for the month of January last year. Price change in the district for single-family residences, at eight per cent, are quite high, reaching $939,000 last month compared to $868,000 12 months ago.

swikar.oli@goldstreamgazette.com


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