Just Released: December 2015’s Victoria Real Estate Stats

Welcome back, Victoria! We hope you had a wonderful holiday season with you and yours and are excited to get back to the everyday norm. This week, the Victoria Real Estate Board released its updated Victoria real estate stats for December 2015 and, as you probably guessed, the numbers looked really, really good!

Outgoing Victoria Real Estate Board President Guy Crozier said, “We wrapped up 2015 with numbers we haven’t seen since 2007.” Unlike other parts of the country that saw their real estate numbers decline, Victoria saw “8,295 transactions on the Multiple Listing Service, an increase of 23.8 per cent from last year.” That’s incredible!

In December 2015, a total of 465 properties were sold in the Victoria region, an increase of 19.5 per cent over December 2014. What makes this stat even more interesting is that there were fewer listings on the market in 2015 than in 2014. In fact, there were 2,517 active listings at the end of December, which is 21.6 per cent fewer listings than December 2014.

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VREB has released December 2015’s Victoria real estate stats, and they’re pretty awesome!

Crozier is confident that 2016 will continue on this same positive note, with Victoria real estate stats likely getting even stronger. We all know that Victoria is a prime location, but the rest of Canada is taking note, too. “Sales show no sign of slowing this spring and Victoria remains one of the most popular destinations to live in the country. All of this points to a continued strong market.”

In December 2014, the benchmark value for a single-family home in the Victoria core was $560,900, and the benchmark value for the same home in December 2015 increased by 9.4 per cent to $613,600. For condos in Greater Victoria in December 2014, the benchmark value was $287,200, and in December 2015, it increased to $305,000.

One of the things that Crozier stressed, however, is the necessity of working with an experienced REALTOR®, especially in this kind of strong market. Everything from accurate pricing for your listing to navigating multiple-offer situations can be overwhelming, but knowing that you have an experienced and knowledgeable REALTOR® in your corner is priceless.

Is it time for you to take the leap, either as a buyer or seller, here in Victoria’s real estate market? Call us today to see how we can provide you with the confidence to move forward in this ever-changing market, ensuring you make the best decision for you!

To read the entire article with all of the Victoria real estate stats, click here: http://www.vreb.org/pdf/ VREBNewsReleaseFull.pdf.

– Kaley Walls