Lack of homes for sale in Victoria, BC
are making local prices rise.
Active Listings in February 2017 DOWN 40% from 2016
Inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
Says 2017 Board President Ara Balabanian:
"In spite of the low inventory the real estate market in Victoria is robust. The ten year average for sales in February is 542, so we are well within expected numbers for this time of the year with 675 properties sold. In fact, this February's sales are the second highest in the past ten years. "
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2016 was $638,700. The benchmark value for the same home in February 2017 has increased by 21.3 per cent to $775,000.
"The low number of homes for sale in our marketplace can put pressure on pricing," adds President Balabanian. "The good news is we have seen an increase in new listings this month over January. January saw 753 new listings, while February's count was 880. This time last year there were 1,160 new listings, so we'll be watching the numbers in March closely to see if more sellers decide to get into the market as spring arrives."
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