In a sizzling residential real estate market in Greater Victoria last month, the benchmark value for a single-family home rose 6.9 per cent over the same period a year ago.
Single-family homes were hot sellers as 379 changed hands in August.
That’s the highest total for the month of August since 2007, when 399 were sold. “Consumer confidence in our area continues to be one of the main drivers of the spring and summer market surge,” said Victoria Real Estate Board president Guy Crozier.
The benchmark value for a single-family home in Greater Victoria in August was $513,800, up from $512,400 in July and $480,800 in August 2014.
Overall, 741 properties of all varieties sold in the region in August, an increase of 22 per cent compared to the 609 properties in the same month last year.
The 3,688 active listings at the end of August was down 15 per cent from August last year.
Meanwhile, sales of single-family homes priced at more than $1 million have increased 40 per cent in Greater Victoria this year.
In a Tuesday report, Re/Max said there have been 243 sales over the $1-million mark during the first seven months of the year, up from the 172 sold in the same period in 2014.
Sales of homes over the $2-million threshold have jumped 37 per cent, from 27 last year to 37 so far in 2015.
“Some of this increase is due to price appreciation in all segments of Victoria’s housing market,” Re/Max said in its Spotlight on Luxury Report. “It is driven by low inventory and high demand for single family homes that has led to more homes meeting the higher-dollar threshold.”
Of the 243 million-dollar--plus homes sold this year, 230 are single-family houses and 13 are condominiums. The condo number is down from the 34 sales over $1 million in the first half of 2014.
Re/Max predicted more higher-end condos will come to the market this year and next, particularly in Victoria’s core. “Buyers in this market tend to own two or more properties or travel for part of the year and appreciate the convenience a condo offers.”
