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."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the October 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.
Notes for Interpreting Our Statistics
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
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Courtesy of the Victoria Real Estate Board