Ron’s Candid Comments on the Victoria Real Estate Market for April 2015
Posted by Ron Neal on Thursday, April 2nd, 2015 at 5:43pm.
Ron's Market Report Video Our market is steaming along continuing to outpace sales from last year. Sales were up 27% last month over the same month in 2014 and listings are still down with 7% fewer than a year ago. The balance of sales to listings continues to edge more to a Seller’s Market with the ratio for last month down to just a 5 month supply of listings, the lowest level in several years. My observations show significant variation by neighbourhood, property type and price range with some neighbourhoods flying fast and furious while others (particularly those more rural) seem to be overlooked almost entirely. 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
Media release from VREB
| Another Busy Month for the Victoria Real Estate MarketApril 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 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® at the end of March, 6.9% fewer than the 4,050 active listings in March 2014.The Multiple Listing Service® 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, "the President adds. "Consumer confidence in local real estate appears to be high, and it's likely that buyers are taking advantage of low interest rates." More information on the March 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, vreb.org. |
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The Neal Estate Group 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 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.