Victoria real estate market's summer season surpasses expectations
September 2, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014.
609 properties sold in the region in the month of August 2014 - an increase of over 12% compared to the 540 properties sold last year in August.
2014 shows a 10.5% increase in year-to-date sales compared to last year.
"When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised." Victoria Real Estate Board President Tim Ayres says. "But sure enough, the market outperformed last year's sales again in August and we've had the busiest August we've seen in five years."
The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 - this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year.
"We've seen balanced market conditions for 6 months now," adds President Ayres, "This means we're not in a buyer's or a seller's market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It's a great place for sellers and buyers."
Victoria Real Estate Board President Tim Ayres is available for comment. More information on the August 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.
About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®.