September sets new records for Victoria real-estate prices

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.

READ MORE: Inventory slump keeps Victoria’s third quarter real-estate sales suppressed

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.

Article taken from citified.ca