The report was just released by Victoria Real estate Board for February 2016 Victoria Real Estate market Stats.
Strong activities resulted from low levels of Inventory and scores of buyers competing on Multiple Offers on a prime properties. The buyers are mix of locals, relocated newly arrived to Victoria, or foreign investors.
Banks are participating to help keep the buyers confidence high by offering low interest rates.
On a note, regardless of the excitement and the need of obtaining a property of your desire, participating in a multiple offer should be done smart, skilled, and with great deal of due diligence by hiring a qualified Victoria Realtor. Wondering how to win and get your desired property amongst multiple offer? Connect with me today and I show you how to navigate and maneuver through this daunted process.
Here is the Victoria Real Estate Board's Reporting for February 2016:
"A total of 772 properties sold in the Victoria Real Estate Board region this February, an increase of 42.4 per cent compared to the 542 properties sold in the same month last year.
Inventory levels are lower than the previous year, with 2,562 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February, 26.4 per cent fewer than the 3,480 active listings at the end of February 2015.
"We continue to see the effect of supply and demand on the market," notes Mike Nugent, 2016 President of the Board. "Areas near the downtown core have limited inventory, with less new product coming on to the market. As a result we see more pressure on pricing there, and we see multiple offers. The West Shore and outlying areas have new housing developments coming into the market. Sales are brisk everywhere, but less competition is created in areas like the West Shore because of the area's ability to create supply to meet demand. We'll likely see more first time home buyers look to make purchases in outlying areas. The West Shore benchmark for a single family home right now is $432,600, which makes the area more affordable than the Victoria core, where the benchmark value is $200,000 more for a single family home."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February, 2015 was $557,000. The benchmark value for the same home in February 2016 has increased by 14.7 per cent to $638,700.
"I'd highly recommend that sellers and buyers who are thinking of making a move in the future engage the services of a REALTOR®," adds Nugent. "Your Realtor can help navigate the decision-making process and ensure you have access to information and advice based on current market conditions. In a busy market like we see now, your Realtor's expertise can be the difference between a beautiful new home and a potentially frustrating and costly exercise."