Victoria BC-Property August Sales Continue Record Breaking Pace

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Real Estate Sales Representative with RE/MAX Camosun Victoria BC Real Estate BC Licence #001159
https://activerain.com/droplet/4VzG

Victoria BC-Property August Sales Continue Record Breaking Pace

Victoria BC-Property August Sales Continue Record Breaking Pace

September 1 2016, Victoria, BC.

 

A total of 883 properties sold in the Victoria Real Estate Board region this August, an increase of 19.2 per cent compared to the 741 properties sold in August last year.

“August is a record breaker in more than one way. For the sixth consecutive month, we have a sales record with more sales than any other month of August on record,” says Mike Nugent, 2016 President of the Board. “We also have the lowest number of listings available for sale in an August than we’ve seen in the last twenty years. That lack of inventory will continue to put pressure on Victoria house pricing.

Sales would be even higher were there more inventory available for buyers to purchase. Regardless of the low inventory, it’s safe to say that by mid September we will have surpassed the number of sales for all of 2015, with four months remaining in the year.

” Inventory levels remain lower than last year, with 2,094 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2016, 43.2 per cent fewer than the 3,688 active listings at the end of August 2015.

“As we saw last month, the expected seasonal slowdown continues as we move towards the autumn,” adds Nugent. “August tends to be the slower summer month, though the year-over-year sales numbers are very strong.

This shows continued consumer confidence in the Victoria real estate market. It is early to determine a trend, but we don’t see any early indications that the foreign investment Property Transfer Tax implemented in Metro Vancouver has impacted sales to any extent in Victoria at this time.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August, 2015 was $603,200

The benchmark value for the same home in August 2016 has increased by 23.8 per cent to $746,900!!

Victoria Property August Sales Continue Record Breaking PaceVictoria BC-Property August Sales Continue Record Breaking Pace!

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Rainmaker
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Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
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May you have continued success and hopefully an easier place to do it with. Be well!

Sep 01, 2016 04:59 PM #1
Rainmaker
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Fred Carver Personal Real Estate Corporation
RE/MAX Camosun Victoria BC Real Estate - Victoria, BC
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Hi Laura Cerrano Hey thanks for stopping by.

Cheers, have a fun and successful day!

Sep 02, 2016 01:45 AM #2
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