March home sales set solid pace for busy spring

Victoria’s early spring real estate market is heating up with sales and prices climbing higher, according to the Victoria Real Estate Board.

There were 734 sales of single-family homes, condominiums and townhouses during March. That’s a 27.7 per cent increase over the 575 sales in the same month a year ago.

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Single-family home sales closed in on a five-year high and the benchmark price was up $10,000 from the same month last year, according to the real estate board’s Multiple Listing Service.

“We saw 393 single-family homes in the region sell in March. The last time we saw numbers this high in March was in 2010, when 414 single family homes sold,” Victoria Real Estate Board president Guy Crozier said in a statement. “And though we see sales numbers have increased compared to last year, we see fewer active listings for sale compared to last year.”

There were 3,769 active listings at the end of March, down from the 4,050 in March 2014.

The benchmark value for a single family home in Greater Victoria last month was $492,600, up from $483,200 in February and $482,600 in March of last year. The benchmark value of a condo increased to $296,300 last month, up from $289,200 in February and $281,500 in March last year. The benchmark price for a townhome increased to $403,500 in March, up from $400,900 in February and $401,400 at the same point last year.

Crozier said the reasons for the increase is the usual spring pick-up and a momentum carried over from 2014. “Consumer confidence in local real estate appears to be high, and it’s likely that buyers are taking advantage of low interest rates,” he said.

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