After 7 months we are still in a stable market with a continuous rise in sales. September saw a 16% increase in sales over September last year, and the third quarter had a 15% increase in sales over the same quarter last year. The market is more predictable for buyers and sellers as we move into fall, for the full article from the Victoria Real Estate Board click here or see below:
Strong Sales and Stable Market Conditions Continue Through September
October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014.
565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013.
"Once again we see more houses sold this month than last September," Victoria Real Estate Board President Tim Ayres says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200.
"There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds President Ayres. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighbourhood."