Monday, June 25, 2007

Focus on Townhome Sales

Some generalizations can be made regarding townhome sales in Greater Victoria over the past couple years - marginal median price increases, slightly declining sales numbers. However, the only consistent aspect of townhome sales in individual regions is their inconsistency. Some months have brought huge sales numbers, other months, very small sales numbers. Some months, huge year-over-year median price increases, others, large negative year-over-year prices.

The volume of townhome sales in Greater Victoria since 2005 has decreased ever so slightly. Median sales prices have risen marginally during that same period of time.

The City of Victoria had more townhome sales in 2005 than 2006 and thus far this year. The median price was all over the graph in 2005. 2006 and 2007 have not seen any real median sales prices increases.

In Langford, townhome sales numbers are showing monthly increases this year over previous years, with the exception of May of 2006. Median prices have been steadily rising.

Saanich has seen consistent townhomes sales over the past 2 1/2 years. The monthly median price flip-flopped back and forth in 2005 and 2006. 2007 has seen a monthly year-over-year price increase each month. December 2006 had a very distorted median price due to very low sales volume.

Finally, year-over-year percent increases of median sales prices. There is no obvious trend. I would attribute this to there having not been a huge run-up in sales prices of townhomes since 2005. Even with the continued building of luxury properties, the median price of townhomes have not risen as substantially as that of single family homes. Or have they?