2014 was a great year for the Greater Victoria real estate market, hopefully 2015 continues the trend with an active marketplace as inventory is very low in many neighbourhoods. For an article on our market from the Victoria Real Estate Board see below:
Will real estate sales in Victoria continue the upward trend into 2015?
January 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for December 2014.
389 properties sold in the Victoria region this December, an increase of 9.6% when compared to the 355 properties sold in December last year. Overall, 2014 saw 11.67% more sales than in 2013.
"I think the increase in sales we saw in 2014 surpassed a lot of people’s expectations. To see growth of over 10% - that shows consumer confidence and interest in our market," Victoria Real Estate Board President Guy Crozier says. "Of course one factor that helped sell houses this year was the low mortgage rate. That, combined with balanced market conditions, created a steady, consumer-friendly environment in which to purchase and sell properties."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $542,800. This month the benchmark value rose 2.9% to $558,500. Over the course of 2014, 6.2% of single family homes (238) sold for over one million dollars.
"There are two indicators to track in the New Year - the number of sales, and the amount of inventory currently available on the market. In 2014 we saw less inventory available than in previous years but more sales. With job growth predicted and consumer confidence increasing in our area, it will be interesting to watch these numbers as 2015 sales unfold."