An Oak Bay property has sold for $6.5 million, the highest amount paid for a home this year in the capital region.

The waterfront property at 3155 Beach Dr. was purchased by a local resident who is planning to build a new house on the site, agent Deedrie Ballard of Re/Max Camosun said Thursday.

The property was one of 11 sold in the region last month for more than $1 million.

The Oak Bay sale "shows that people have confidence in the market. It ties in with Victoria being a great place to live and work," said Dennis Fimrite, president of the Victoria Real Estate Board.

Last month's 482 sales on the Multiple Listing Service were on par with October's 483 sales, board figures show. There were 479 sales in November 2010.

The average price for a single-family home dropped slightly to $592,034 in November from $595,836 in October.

The median price last month was $530,000.

Condominium prices rose to an average of $320,558 in November from $307,329 in October. The median was $296,000.

The average price for a townhouse declined last month to $380,675 from $428,040 in October.

November's median was $360,000.

November's sales included 293 single-family houses, 104 condos and 48 townhouses. The total value of all sales through the board was $234 million.

Inventory for sale decreased to 4,329 last month from 4,687 in October.

cjwilson@timescolonist.com

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