Local real estate markets remain soft

Home sales are similar to last year

  • Aug. 10, 2011 6:00 p.m.

While real estate sales and prices softened in July, it is not unlike last year.

Overall prices have declined in all property sectors making it a buyers’ market with a lot of inventory to choose from.

The biggest spread in prices is in Victoria where the average single family home price fell to $581,117 from $629,292 in June. All condominium and townhouse price fell as well.

“In the coming months, we anticipate that market activity will remain relatively stable and similar to what we saw during the summer and early fall months of last years,” said Dennis Fimrite, Victoria real Estate Board president.

In Sooke, residential single family homes sales for July amounted to 18 sales with an average price of $396,144. By comparison, single family homes in Langford had an average price of $493,852 and in Colwood they sold 13 for an average price of $490,231. The highest prices were in Oak Bay where a single family home had an average price of $862,345.

Townhouses in Sooke has an average six-month price of $317,726 with one sale for $300,000.

Manufactured home sales in Sooke amounted to one which sold for $45,000 on a six month average of $64,773.