November 2, 2015, Victoria BC – The Victoria Real Estate Board today released its report on real estate activity for October 2015. A total of 734 properties sold in the Victoria Real Estate Board region this October, an increase of 21.9% compared to the 602 properties sold in the same month last year.
There were 3,170 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October, 19.3% fewer than the 3,927 active listings in October 2014.
“This is the twenty-ninth month in a row that we’ve seen monthly sales increase over the year before,” Victoria Real Estate Board President Guy Crozier says. “This month we also saw sales numbers surpass the total for last year – in 2014 there were 6,698 sales and as of October 31, 2015 there are 7,257 sales on record with two months to go in 2015! We’re looking down the home stretch of 2015 and there is no sign of a market slow down.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in October was $555,900. The benchmark value for the same home in October 2015 has increased by 9.4% to $608,200.
What’s President Crozier’s advice to buyers shopping for their perfect home? “It’s critical to work closely with your REALTOR® to stay on top of the market. With home sales almost at the pace of new listings, the market is moving quickly and some homes in high demand areas like the Victoria Core are selling in days. Working with your Realtor on a plan of what you require over the course of the transaction can remove stress and risk from the process.”
More information on the October 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.