High-End Sales Boost Average Prices March 1, 2004

The sale of eleven properties over $800,000 helped boost the average price of single family homes in Greater Victoria to a new record high of $378,723 in February. The average price for townhomes also reached a record high. Meantime the number of sales of homes and other properties also increased.

Victoria Real Estate Board President Carol Geurts says it’s important to keep prices in any individual month in perspective. "Although the overall average can be skewed higher when a number of high-end properties sell in a given month, it’s important to look at the longer term when assessing trends in real estate." Geurts noted that the average price for the last six months for single family homes was $356,672 and the median, or mid-range, price in February was considerably below the average at $324,950.

Prices for townhomes showed similar variation with a new record high for the monthly average at $306,803 compared to the average for the last six months at $269,642 and the median at $264,950. The average price of all condominiums sold last month was $193,398; the average for the last six months was $195,276.

Monthly Sales Summary

Average Selling Price Graphs

Active Listings, New Listings and Sales Graphs

Information Courtesy of Victoria Real Estate Board