Last month 1,027 new listings were listed on MLS, down slightly from 1,090 in January 2014. In the same period 351 properties were sold, up marginally from 342 in January of last year. As predicted, the overall number of listings available for sale increased to 3,283 at the end of January, but remains down from 3,489 at the end of January 2014. All in all this equates to an overall 10 month supply which is a relatively balanced market. There are exceptions and emerging trends with higher demand in some areas, price ranges and property types tipping towards more of a seller’s market. Together with lower interest rates, higher US dollar, lower oil prices and increasing demand from immigrant buyers and investors indications are that we’re in for stability and an increasingly balanced market. For listing and sales information in addition to market interpretation specific to your area, please call 250.386.8181 or try our FREE Market Snapshot Read on for VREB’s full news release… Victoria Real Estate Market continues 2014’s upward trend February 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for January 2015. 351 properties sold in the Victoria region this January, an increase of 2.6% when compared to the 342 properties sold in the same month last year. “We don’t expect to see big numbers in January. It’s a slower month traditionally for real estate,” Victoria Real Estate Board President says. “Even this slight increase after the 11.67% year over year increase in sales we saw in 2014 shows the continued stability of our market. There’s also a good balance of inventory available for sale, which will likely appeal to buyers as the spring season hits. Last month while we saw 10 single family homes sold for over a million dollars, there were also 95 homes sold for under $500,000.” At the end of January there were 3,283 active listings for sale on the Multiple Listing Service®, a slight decrease from the 3,489 in January 2014. This continues a trend that started in mid-2013 where there are fewer listings in the market than there were in the same month of the year previous. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $548,500. The benchmark value for the same home this month has increased by 2.39% to $561,600. “With the change in mortgage rates surprising some, and the continuing low oil prices and Canadian dollar, the spring real estate market should be an interesting one to watch,” he adds.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.