Victoria barely had winter this year... our summer dragged on into October. I think everyone was shocked when Christmas came "too early." Similarly, Spring landed early this year, not only with warm temperatures and sunny days but also for Real Estate sales.
The Victoria Real Estate Board reported 542 property sales in February, an increase of 31.6% over the same month last year and a 54.4% increase over sales in January 2015.
VREB President, Guy Crozier reports "February was a busy month with numbers closer to what we would expect to see in the spring season." He went on to say "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 on the Multiple Listing Service® at the end of February. That is 7.7% fewer than the 3,770 active listings in February 2014.
The fact that there is increased demand and fewer listings appears to be having a slight impact on pricing. 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," President Crozier 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."
The complete statistics package can be found on VREB.org.
Source: Victoria Real Estate Board
Check out this CTV News story about Victoria's February Real Estate Market: