An Early Spring for the Victoria Real Estate Market?
February 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 January 2016.
2016 started with the busiest month of sales
in January since 2002. A total of 539 properties sold in the Victoria Real
Estate Board region this January, an increase of 53.6 per cent compared to the
351 properties sold in the same month last year.
Inventory levels are lower than the previous
year, with 2,471 active listings
for sale on the Victoria Real Estate Board Multiple Listing Service® at the end
of January, 24.7 per cent fewer than the 3,283 active listings at the end of
January 2015.
"Though the ongoing count of properties for
sale is low, the number of new listings entering the market is close to what we
saw last year," notes Wendy Moreton, 2016 president of the board.
"The recent month of January saw 934 new listings, where last year we saw
1,027. The good news for buyers is that there are new properties for sale every
day. The good news for sellers is that there appears to be more buyers in the
market, so well-priced properties in high demand areas (like the Victoria core) are swift
sellers."
"Last year we saw the traditionally busy
spring market start early as sales picked up over February and March,"
adds Moreton. "This year that spring market may be starting even earlier,
as our sales numbers for January are close to the numbers we saw last February.
We'll watch this trend over the next few months. This busy market is the
perfect time to enlist the help of your local REALTOR®. Realtors have access
to up-to-date trends for all the different markets across the Greater Victoria
area and can best assist buyers and sellers to navigate this exciting
market."
The Multiple Listing Service® Home Price Index
benchmark value for a single family home in the Victoria Core in January, 2015
was $561,600. The benchmark value for the same home in January 2016 has
increased by 10.2 per cent to $618,600.
Here are the stats for most residential property types the main areas of Greater Victoria over the past year...
Looking to buy or sell or just want to know what your home is worth in today's market? Call Lorne Tuplin with RE/MAX Camosun at 250-217-4600