The Greater Victoria Real Estate market has already had more sales in 2014 to date than in all of 2013, with one month still left in the year. After 9 months we are still in a balanced market, and can look ahead positively for 2015 with limited inventory and lots of active buyers. For the full article from the Victoria Real Estate Board see below:
Steady Real Estate Market in Victoria Continues as 2014 Sales Surpass 2013 Numbers
December 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for November 2014.
465 properties sold in the Victoria region this November, an increase of 12.9% when compared to the 412 properties sold in November last year.
"This year has been great for Victoria real estate, we've seen a friendly market for buyers and sellers thanks to steady pricing and low mortgage rates," Victoria Real Estate Board President Tim Ayres says. "By early last month sales in the Victoria area met the number of total sales we saw for the entire year of 2013, and now we are 5.18% over last year's sales with another month to go before year end."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $482,300. This month the benchmark value increased 1.4% to $489,000.
"Another statistic to watch is the number of active and new listings," adds President Ayres. "682 properties were listed this November, and the total number of properties listed for sale including those newly listed was 3,631. That's 9.6% fewer properties for sale than November last year."