The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for May 2014.
714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 - an increase of over 8% year over year. Compared to last month in April, there were 7.5% more sales.
"We are pleased to see sales numbers continue to rise," Victoria Real Estate Board President Tim Ayres says. "The last time we saw this many sales in a month was in 2010, which was also the last time we saw a busy market. The increase may be attributed to the extended period of low mortgage rates we are seeing, and to the great diversity of properties currently available. We saw 19 single family homes sell for over one million dollars this month, and we saw 29 single family homes sell for under $350,000. The market has something for every home buyer right now."
In May 2013 the MLS® Home Price Index benchmark price for a single family home in Greater Victoria was $493,600. This year in May the benchmark home value reached $498,500 - a modest 1% increase year over year. The Peninsula benchmark home value saw a 0.7% increase while the Westshore saw a very minor decrease of 0.1%. Townhouses in Greater Victoria show the most noteworthy change with an increase of 4.2% year over year.
"We're seeing a modest increase in property values overall in the Victoria area" adds President Ayres, "and the balanced conditions we talked about last month are still in place, which means a steady, predictable market."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the May 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.
About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.