The hot local housing market shows no sign of cooling off, but great properties are still available, according to the Victoria Real Estate Board.
The municipality of Oak Bay, one of the hottest communities within the region, continues to sizzle, with prices fuelled in part by lack of inventory, local realtors have said.
Currently, Oak Bay has 16 condominiums for sale and 43 single-family homes.
Guy Crozier, VREB president, confirms that November was another busy month for the popular Greater Victoria real estate market.
“Holding true to the theme we’ve seen throughout the year, the Victoria market had another great month of sales, with numbers exceeding those from the same time last year,” he said.
A total of 573 properties sold in the Victoria Real Estate Board region this November, an increase of 23.2 per cent compared to the 465 properties sold in the same month last year.
Additionally, there were 2,952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of November, 18.7 per cent fewer than the 3,631 active listings at the end of November 2014.
Crozier notes that prospective sellers may want to take advantage of the current market conditions.
“One thing I can say about the market right now is that due to lower inventory levels, this is the best time in the past 10 years to list a house,” Crozier said.
“Demand from buyers in most areas is up, but inventory continues to decrease on a year-over-year basis. The good news for buyers is that pricing remains competitive and there are new listings coming onto the market every day.”
What does Crozier recommend buyers and sellers keep in mind as the year comes to a close?
“There are real estate microclimates in Victoria. Different areas have different levels of demand and ability to meet that demand,” he said.
“Though properties are selling everywhere, what to expect in terms of value and time to sell may differ depending on your area and the type of property.”
The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core last year in November was $558,600.
The benchmark value for the same home in November 2015 has increased by nine per cent to $608,600.
More information on the November 2015 report and the Multiple Listing Service Home Price Index is available from the Victoria Real Estate Board, at vreb.org.