The Victoria real estate market is continuing to see increasingly high sales and shrinking inventory. Currently in Victoria there are only 31 single family detached homes available, and in Oak Bay only 33 single family detached homes. We are seeing multiple offers on properties surrounding Downtown, and homes selling well over the asking price. See below for a full update on our market for February from the Victoria Real Estate Board:
February Sales Expose Extraordinary Demand for Victoria Area Properties
March 1, 2016 Victoria BC - The Victoria Real Estate Board today released its report on Multiple Listing Service® real estate activity in the Victoria area for the month of February 2016.
A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.
"We continue to see the effect of supply and demand on the market," notes Mike Nugent, 2016 President of the Board. "Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shore and outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area's ability to create supply to meet demand. We'll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.
"I'd highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®," adds Nugent. "Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor's expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise."