The value of all property transactions through the Victoria Real Estate Board’s Multiple

Listing Service® (MLS®) hit a new record of over $4.1 billion in 2007, up from $3.3

billion in 2006. The value of single family home sales was over $2.5 billion while the

value of condominium sales was over $756 million. Victoria Real Estate Board

President Tony Joe noted that both sales and prices for all major property types

increased last year. “Last year was another exceptional year for the local real estate

market. The total number of sales increased over 12 per cent while the overall

average price for single family homes rose 8.5 per cent; the average for

condominiums rose over 11 per cent and the average for townhomes rose 10.5 per

cent,” said Joe.

Meantime, the sale of 14 single family homes in Greater Victoria over $1 million

pushed the average price to a new record high of $624,450 last month; the median

price, however, was considerably lower at $536,000. “It’s always important to bear

in mind that the average price in a given month can often be significantly affected by

the sale of high-priced homes,” noted Joe. The six-month average for single family

homes in December was $581,419.

The average price of all condominiums sold in December was $332,793; the average

for the last six months was $319,980. The median was again lower at $292,900.

The average price for townhomes sold last month was $445,960; the average for

the last six-months was $415,648. The median price was $387,900.

There were 408 MLS® sales last month, up from 385 sales in December of last

year. There were 623 sales in November. Sales last month included 202 single

family homes, 120 condominiums, 46 townhomes and 8 manufactured homes.

There were 2,799 properties listed for sale on the MLS® system at the end of last

month, up from the 2,650 properties in the same month a year ago.