Surprising summer sales for Victoria and area real estate

 

August 1, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014.

681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.

When compared with year-to-date sales in 2013, 2014 shows a 10% increase.

"I think the activity in July has surprised a few people," Victoria Real Estate Board President Tim Ayres says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."

The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year's average value for the same home - $550,900.

"I'm looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," adds President Ayres, "I think the busy sales season could last into fall."

Victoria Real Estate Board President Tim Ayres is available for comment. More information on the July 2014 report and the MLS® HPI is available from the Victoria Real Estate Board.

About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs intended to enhance the professionalism and community standing of REALTORS®. More than 1,200 local REALTORS® are currently members of the Victoria Real Estate Board.