Story by Mary P. Brooke      |         Oct.1, 2009

Housing prices in Sooke have been on the rise in 2009. The entire Greater Victoria region suffered from softened MLS pricing at the start of the year, but Sooke's prices have recovered strongly and steadily, assisted in part by newly constructed homes coming onto the market.

In September single family homes in Sooke sold for $415,900 on average, compared to $365,786 in January this year (an average increase of $5,568.22 per month). At the pre-recession peak of the MLS housing market first in June 2007 (when homesellers began pushing up prices in a speculative fashion), houses in Sooke averaged at a sale price of $429,503 and similarly at $428,961 in August 2008 (just before the market significantly corrected itself). By December 2008 the recession had dug in its heels, and Sooke's average house was selling for $379,900. So we've come full circle -- at the start of October 2009 we're right back to the price point seen before the recessionary behaviour noticeably kicked in.

In September this year the volume of property sales was at the highest level (for any month of September) since 1992, according to the Victoria Real Estate Board. A total of 776 homes and other properties sold in September in Greater Victoria, up from the 764 sales in August and up nearly 50% compared to the 512 sales in September 2008.

Some of the current upward pressure on housing prices has to do with lack of available listings. There were 3,419 properties for sale at the end of September in Greater Victoria, down 28% from the 4,754 properties available one year ago.

Condominiums in Sooke averaged at a sale price of $196,267 in September 2009. This is notably higher than the peak-period price of $155,000 (June 2007). Again, new construction is contributing to higher average price tallies but also because some homeowners -- fleeing less affordable housing conditions in central areas of Victoria and other communities -- are flocking to Sooke and finding what they can afford. In many cases that is condos, but also townhomes. 

Townhome pricing in Sooke averaged at $333,329 this September (with a 6-month average of $334,306). During 2007 and 2008, townhomes fluctuated in a range of $320,000 to $350,000. These figures indicate relative stability of the townhome product in the Sooke real estate marketplace. 

In September 2009 the overall housing prices in Sooke at $415,900 were about 32% lower than the Greater Victoria average of $619,936.    MM

Raw statistics from www.vreb.org. Market analysis report courtesy of Brookeline Publishing House Inc.

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