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Ron Neal’s Candid Comments on Victoria Real Estate for March 2015

Posted by Ron Neal on Monday, March 9th, 2015 at 3:44pm.

Ron’s Market Report Video Sales continued to gain momentum with a 30% jump in February over January with 542 homes sold. New listings continue to trickle in at a slower pace with the increase in sales bringing the net number of listings for sale at the end of February in Greater Victoria up to just 3,480 which is still lower than this time last year. The important ratio of sales to listings for our overall market in February was just 6.4 or a 6 ½ month supply. We are presently in a balanced market overall with some areas, property types and price ranges leaning more towards a seller’s market for the first time in several years! As predicted last month, the net effect for us of reduced oil prices, interest rates and our Canadian dollar us here in Victoria is positive! Watch for increased investor and non-resident purchase activity. I’ve got more than a dozen serious out of town buyers looking right now! Lending practices have even eased up in some cases and first time buyers are taking advantage of the very low interest rates too. Whether buying or selling, 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

Graph March 1

Read on for Full Media release from VREB..... The following news was released to local media today: March 2, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for February 2015. 542 properties sold in the Victoria region this February, a 31.6% increase compared to the 412 properties sold in the same month last year and a 54.4% increase compared to the 351 properties sold last month in January. "The trees bloomed early in Victoria, and so did local real estate. February was a busy month with numbers closer to what we would expect to see in the spring season." Victoria Real Estate Board President says. "285 single family homes sold over the course of the month. We've not seen that many single family homes sell in a February since 2008 when we tracked 295 transactions. Though buyers are already in spring purchase mode, the amount of available inventory may not be quite up to the pace. We continue to track the trend of higher year-over-year sales, and lower year-over-year active listings that we started to see in mid-2013." There were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014. The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $549,700. The benchmark value for the same home this month has increased by 1.33% to $557,000. "The Board certainly anticipated an increase in sales for spring, but the increase we've seen exceeded my expectations," the president adds. "The early spring combined with available low interest rates will likely create more demand for Victoria real estate as the rest of Canada digs out from winter."            


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The Neal Estate Team

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. 

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