July 2, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for June 2014.
680 properties sold in the region in the month of June 2014 compared to 664 in June 2013 - an increase of 2.4% year over year. Compared to last month in May, there were 5% less sales, which follows a common seasonal trend as summer approaches. Compared to 2013, 2014 shows an 8.9% increase in year-to-date sales.
"We continue to see slow and steady growth in our overall sales numbers," Victoria Real Estate Board President Tim Ayres says. "May and June represent the top two sales months we have seen since spring 2010."
"Once again we see balanced market conditions in June - as we did in March, April, and May this year," adds President Ayres. "Market conditions track the ratio of sales to available inventory and indicate supply and demand. A balanced market is advantageous to sellers and buyers - pricing is more stable and predictable and there is less pressure on price either way."
The MLS® Home Price Index benchmark value for single family homes in the Victoria Core area for June is $556,200, which represents an increase in value of 1.8% over last year. The most common price range for single family homes in the entire region is $400,000 - $600,000. 48% of sales in June were in this range.
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the June 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.
From the Victoria Real Estate Board, July 2014.