The stats are in for March 2015 real estate activity in Victoria, BC and confirm what we all thought--that it's a very active market and listings are in short supply.
The Victoria Real Estate Board just released data showing:
- Property sales were up 27.7% over March 2014
- That includes sales of 393 single family detached homes (SFD)--the highest March numbers since 2010 (414)
- Active listings: 3,679. That's 6.9% lower than March 2014!
- The Multiple Listing Service® Home Price Index (HPI) for a SFD home in the Victoria Core rose to $569,700 from $560,500 in March of last year.
- We're now inching into Sellers Market territory, where the Sales to Active Listings Ratio is nearing 25% overall.
It's a great time to sell because of high demand and low inventories.
It's still a great time to buy because of low interest rates. You need to be prepared to pounce quickly when you find a place that meets your needs. Multiple offer situations are becoming more common.
DAYS TO SELL figures have dropped for the following types of property.
- SFD has dropped to 51 from 62 (-18%)
- Condo has dropped to 64 from 78 (-18%)
- Strata Duplex (Side by Side) has dropped to 38 from 64 (-41%)
Contact me soon if you're thinking of buying or selling in the Victoria area! I work hard to get the best outcomes for my sellers and buyers in a challenging market.
Here's the official release from the VREB:
Victoria Real Estate Market
Another Busy Month for the Victoria Real Estate Market
April 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for March 2015. A total of 734 properties sold in the Victoria region this March, a 27.7% increase compared to the 575 properties sold in the same month last year.
"We saw 393 single family homes in the region sell in the month of March. The last time we saw numbers this high in March was in 2010 when 414 single family homes sold," Victoria Real Estate Board President Guy Crozier says. "And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year."
There were 3,769 active listings for sale on the Multiple Listing Service(r) at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.
The Multiple Listing Service(r) Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $560,500. The benchmark value for the same home this month has increased by 1.64% to $569,700.
"Why the increase in activity? We expect the market to be busy in the spring - real estate has a seasonal trend. Interesting this year was that the momentum we saw in the market over the course of 2014 has continued to increase," President Crozier adds. "Consumer confidence in local real estate appears to be high, and it's likely that buyers are taking advantage of low interest rates."
Victoria Real Estate Board President Guy Crozier is available for comment. More information on the March 2015 report and the Multiple Listing Service(r) Home Price Index is available from the Victoria Real Estate Board, vreb.org.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS(r). The Victoria Real Estate Board represents approximately 1,200 local REALTORS(r).
View our press release and summary here.
View our complete statistical package here.
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