January 4, 2016 Victoria BC – 2015 Victoria Real Estate Board President Guy Crozier confirms that the year’s real estate market ended with a bang. “We wrapped up 2015 with numbers we haven’t seen since 2007. This past year we saw 8,295 transactions on the Multiple Listing Service®, an increase of 23.8 per cent from last year.”
A total of 465 properties sold in the Victoria Real Estate Board region this December, an increase of 19.5 per cent compared to the 389 properties sold in the same month last year. There were 2,517 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December, 21.6 per cent fewer than the 3,210 active listings at the end of December 2014.
Crozier notes that the Victoria Real Estate Board serves more than 1,200 REALTOR® Members. “The great news for our Board’s membership is that in 2015 more than sixteen thousand buyers and sellers hired a local agent to sell or purchase a property. Our profession couldn't be happier about that kind of consumer confidence. With a market that's ever-changing, and with a transaction process that gets more complicated each year, now more than ever buyers and sellers need the expertise of a Realtor. Whether it's pricing a home in this evolving environment, finding a home before others do, or navigating a multiple offer situation through to success, our members are up for the task.”
What’s Crozier looking forward to in 2016? “It's hard to imagine 2016 won't bring more of the strong demand we saw throughout 2015. The inventory available for sale lags behind historical levels and if sales continue to be strong, it will be hard for inventory to bounce back. Sales show no sign of slowing this spring and Victoria remains one of the most popular destinations to live in the country. All of this points to a continued strong market.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December, 2014 was $560,900. The benchmark value for the same home in December 2015 has increased by 9.4 per cent to $613,600.