A total of 1,121 properties sold in the Victoria Real Estate Board region this March, an increase of 52.7 % compared to the 734 properties sold in the same month last year.
It has been an extremely busy month in the Victoria real estate market according to the Victoria Real Estate Board which just released its statistics for the month of March.
While the number of properties sold in the area have skyrocketed 53%, inventory levels are lower, with 30.5% fewer active listings compared to March 2014.
“Pent up demand from the slower years of 2008 to 2013, along with lower than historic mortgage rates, strong interest from out of town buyers, a buoyant economy that’s attracting job seekers and the lifestyle and beauty that Victoria and area offers all contribute to the activity we’ve seen this year,” said Mike Nugent, 2016 President of the Victoria Real Estate Board.
The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in March 2015 was $569,700.
The benchmark value for the same home in March 2016 has increased by 16.4% to $663,300.
Prices in the core area of Victoria have gone up the most as well as on the Saanich Peninsula.
While prices are rising on the West Shore, it remains the most affordable thanks to a greater supply to meet the growing demand.