Month-End report for May, 2015
Active Listings DOWN 13.4%
VICTORIA BC - June 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity during the month of May, 2015.
"May was another great month for local real estate. It’s been a very active month for sales and listings, and we continue to see consumer confidence in our market as people continue to purchase properties," Victoria Real Estate Board President Guy Crozier says. "Across our entire market, home values are up compared to this time last year. In high demand areas with less inventory available, we may see some pressure on pricing, but we also have areas in our market with great variety that offer more options in terms of property and price."
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $570,500. This month the benchmark value increased 3.98% to $593,200.
The Sales to Active Listings Ratio
- below 14%, there is downward pressure on prices (buyers' market)
- above 20%, there is upward pressure on prices (sellers' market)
- 14-20% range, there is little pressure either way (balanced market)