The value of single family homes in Oak Bay jumped in value this July, up almost $60,000 on average from the same time last year.
According to the Multiple Listing Service Home Price Index benchmark value, the average value this year was $829,600 compared to $772,700 last July.
Among Greater Victoria’s 13 municipalities, the Highlands recorded the highest average value for single family homes in July at $919,500.
There were 28 single family residence sales in Oak Bay for a total value of $29,951,375. Five condos sold as did two townhouses.
On Aug. 4, the Victoria Real Estate Board released its report on real estate activity in the Victoria area for July. A total of 796 properties sold in the Victoria Real Estate Board region this July, compared to the 681 properties sold in the same month last year.
“We’ve certainly seen the busy spring market continue into the summer months,” Victoria Real Estate Board President Guy Crozier says.
“The theme of declining listings and increased sales volume is consistent through July, and we’re seeing the market go through its typical summer cycle. Sales dropped a little from the spring as we would expect, but are still up a very healthy 16.9 per cent over last year.”