A BUYER’S MARKET…
Inventory volumes have been easing down in the last quarter, but our MLS® inventory remains at a historical all time high, 16% higher than in the same period last year.
The sales volumes have been on a roller coaster in 2011 but are trending downward from our peak in March, with little blips up in both August and October. The average price of a detached bungalow dropped two percent year over year to $480,000 from $490,000. Standard two storey homes in Greater Victoria also slid in a year-over-year comparison, dropping 1.1 per cent to $465,000 from $470,000. Average sale prices are trending down in the last quarter in all housing types.
