Greater Victoria home prices and sales up, real estate board says

Home prices and sales are up, and fewer homes are for sale in Greater Victoria, according to the latest data from the Victoria Real Estate Board.

The benchmark value for a single-family house in the core municipalities rose by nine per cent to $608,600 in November, up from $558,600 during the same month in 2014.

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Sales jumped by 23 per cent year-over-year. A total of 573 properties changed hands last month compared with 465 in November last year.

Inventory dropped by 18.7 per cent to 2,952 properties on the Multiple Listing Service in November, down from 3,631 the previous year, the board said Tuesday.

Guy Crozier, board president, said that demand from buyers has increased and inventory is continuing to decrease year-over-year.

“There are real estate microclimates in Victoria,” Crozier said. “Different areas have different levels of demand and ability to meet that demand.”

Properties are selling throughout the region, but what to expect in terms of value and time to sell can differ depending on location and the type of property, he said.

The combined value of the 573 properties sold last month was $277.5 million.

Saanich East led the region with the highest number of single-family homes sold at 60 houses for a total of $41.58 million and average of $693,030.

Langford followed with 42 single-family homes sold for a total of $22.13 million, and an average of $526,983.

In Oak Bay, 21 single-family homes sold for $22.67 million. The average for Oak Bay was $1.09 million.

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