Posted by: Daryl & Wendy Ashby | July 8, 2015

What’s Up

Real estate activity in Greater Victoria for June 2015 saw 910 properties sold via the MLS network; a 33.8% increase compared to the 680 properties sold in the same month last year.

Simply put: it’s another big month – and we continue to see consistent year over year sales growth, What’s driving this you ask; continued low interest rate along with the diverse mix of properties and price points available. It may also in part be due to pent up demand from the past six or seven years. The market cooled off around 2008, and with the US markets improving and our local economy showing strength, consumer confidence is improving. Those that may have been hesitant to move over the last few years are making a change now.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $568,600. The benchmark value for the same home this month has increased by 4.61% to $594,800.

There were 4,003 active listings for sale on the Multiple Listing Service® at the end of June, 14.7% fewer than the 4,695 active listings in June 2014.

We saw 48 single family homes sell for over one million dollars this month, and we saw 74 single family homes sell for under $400,000.

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