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September sets new records for Victoria real-estate prices

The median price of single-family residences and condominiums shot up to record highs in September as the region continues to grapple with an inventory shortage. The average price paid for condominiums also rose to new highs.  Citified.ca

September sets new records for Victoria real-estate prices
CITIFIED.CA STAFF
Sales of real-estate in September pushed the region's median single-family home prices to record highs, according to newly-released data from the Victoria Real-Estate Board (VREB).
 
The month's median price for a single-family residence shot up to $795,000, a 3.3% jump over June's then record-setting $769,450.
 
September's average price settled at $884,196, just an inch below the record-breaking $885,281 high set in June of this year.
 
 
Prices paid for condominium residences also set new records with $488,438 settling as the highest-ever monthly average price with an accompanying record-breaking median of $390,000. Both figures eclipsed previous records by 10.4% and 5.1%, respectively.
 
Thus far 2017's year-over-year single-family home prices reached new average highs of $856,863 while the median price is at an all-time high of $754,500. Condominium values for the year also remain at record highs with an average of $414,062 and a median of $362,000.
 
The news comes as part of a data release from the VREB that indicates the region's home sales have been depressed due to low inventory. C
 
 

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