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Housing market slow

The housing market is reported as steady and flat this past August. - Pirjo Raits
The housing market is reported as steady and flat this past August.
— image credit: Pirjo Raits

The real estate market on Southern Vancouver Island is reported to be steady and flat, according to the Victoria Real Estate Board which keeps track of the sales in the area.

“Sales are down 11.5 per cent over August 2011,” says Carol Crabb, president of the Victoria Real Estate Board in the monthly sales report. “When seasonally adjusted, there is little change from July 2012. It’s a flat market which we suspect will continue for the next few months and not trending in either direction.”

In Sooke, during August there were nine sales of single family residential properties with an average price of $440,442 and a six month average of $392,318. The highest average price was in Metchosin where it was $839,438, even beating out Oak Bay at $776,906 (16 sales); the lowest average price was in Victoria West at $381,250 (two sales).

Sooke did not sell any condominiums in August but sold two townhouses with an average price of $364,450. Highest average townhouse price was in Saanich East and lowest in Victoria West at $255,000.

Manufactured homes in Sooke had an average selling price of $86,950 with four sales, beating the six month average of $32,358. Highest selling price for manufactured homes was in Victoria with an average price of $415,500, lowest was in Langford with two sales averaging $49,950, although the six month average in Langford was $92,825.

Other properties including lots and acreage and waterfront show seven sales in Sooke with an average selling price of $147,486 down slightly from the six month average of $158,167. The highest average price paid was in Victoria with one sale of $650,000.

August figures show there were 5,034 active listings in the Greater Victoria area (which includes Sooke). In July 2012 there were 5,178 and in Aug. 2011 there were 4,944 listings.

The types of properties which had the most days on the market were residential acreages, 413 days, followed by waterfront residential lots at 219 days; residential lots, 125 days and single family residential waterfront at 131 days. The average days on the market for single family residential homes was 63 days. And the quickest selling homes were strata front and back duplexes with an average of 40 days on the market.

Sooke has at least 35 active realtors representing the major real estate companies.

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