Average SFH and townhomes were down slightly from the 6 month rolling averages. Average condo is way up from the 6 month average.
SFH had a strong month for prices in View Royal, East Saanich, West Saanich, and North Saanich. SFH had a weak month in Esquimalt and Colwood. A big whoop-dee-doo stat is that nearly a quarter of SFH sold were for under $375k. That sure doesn't bode well for affordability. Less than a quarter of the homes sold were "affordable".
Waterfront condos had a VERY strong month. Without the waterfront condos in the calculation, the average would be $302k. Nearly a $50k difference.
The updated SFH medians graph is all over the place. It's funny how the median can bounce around so much. Up to $70k between some months.
I'm really not a fan of the average price statistic. Luxury properties really skew the results, as shown in the average condo price. I wonder how many sellers and buyers look at the average price to determine what their average property is worth. So many new developments in Greater Victoria are luxury properties. I think that the pulling up of the average selling price statistic, due to the sale of these high-end properties, makes people believe that their non-luxury, average real estate property is worth more than it really is. The sale of 8 high-end condos on the waterfront does not make an average 2 bedroom condo that was worth $300k last month, worth $350k this month.
What's in store for February? Higher prices? Higher inventory? My prediction - inventory will continue to rise. It will remain around 25% higher than last year. Prices will drop slightly. But I've been thinking that for about 2 years!
