Monthly MLS® Sales Update From the REALTORS® of Greater Victoria

Victoria Real Estate Market is on Track and Steady for Spring
May 1, 2014

Victoria BC – The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for April 2014.

664 properties sold in the month of April 2014, compared to 615 in April 2013 – an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales.

New inventory came on to the market; with almost 9% more new listings than last month, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year – approximately 180 fewer listings.

“We’re at an interesting time of the year for local real estate; spring is traditionally a busy season and I think the market is headed in the right direction,” Victoria Real Estate Board President Tim Ayres says. “I think people are watching numbers closely to see where house values are going and where demand is headed. But people waiting for a large change are going to be disappointed, because we see a steady market. Pricing is stable, inventory is at a good level, and we’re in balanced market territory which is good for both buyers and sellers.”

Current MLS® Home Price Index benchmark prices were relatively flat across the region. Single Family homes on the Peninsula showed the largest change in benchmark price with a drop of 2% compared to last year, while the Westshore showed the largest increase with 1.2% compared to last year. Greater Victoria condo benchmark pricing was down 0.5% from last year, but the value in the same area for townhouses increased by 2.4%.

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the April 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

About VREB – The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.