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2006
PROFILE:
The year 2006
began with a steady sales pace with prices holding at steady levels for all property types in January
and February. In March 2006 there was a new
price record for single family homes at $565,217 (which
held as the record for the remainder of 2006). Waterfront homes set
a monthly-average price peak of $2,768,571 in 2005 that
was not surpassed in 2006.
Townhomes took a
price jump in March and July 2006 but achieved new highs in
both November and December.
In July-August (and again in November) condos pushed to new average
price records in 2006.
The
mid-summer market had high inventory but lessening sales
volume; inventory spiked to a 5-year high in September
2006 and remained
high while pricing remained strong and
steady during the fall months.
Overall,
2006 was a positive year with the average price for the three major property types all
up:
| Property
Type |
Overall
average price in 2006 over
2005 |
| Single
family homes |
12.5%
increase to $521,460 |
| Condos |
13.6%
increase to $286,058 |
| Townhomes |
6.3%
increase to $366,080 |
Single
family homes showed an average price record in 2006
of $565,217 (set in March 2006). The average single family home sale price over
the full year of 2006 was calculated by the Victoria Real Estate
Board as $521,460.
Townhomes
showed an average price record in 2006 of $435,408 (in
Dec.2006), following a series of peaks seen in March
($387,045), July ($389,474), November ($390,148), and
December ($435,408).
The 6-month average for townhomes in
Greater Victoria was $373,511 at year-end (it's highest
point for the year). The average townhome sale price
over the full year of 2006 was calculated by the Victoria Real
Estate Board as $366,080.
Condos
showed an average price record in 2006 of $359,742 in November 2006, surpassing back-to-back
peaks in July ($292,639) and August ($296,906). The 6-month average for condos
reached its highest point in December 2006 at $301,093.
The average condo sale price over the full year 2006 was
calculated by the Victoria Real Estate Board as $286,058.
Inventory:
Increasing
inventory provides more selection for buyers. Inventory
reached a 5-year high in September 2006 at 3,449 (see
inventory table), lowering only slightly to 3,426
properties for sale in October and 3,158 in November, but
relaxing (in-keeping with normal Greater Victoria year-end
trends) to 2,650 properties for sale by 2006-year-end.
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