VREB Newsletter

January 2012 Shows Increased Activity in Victoria Real Estate Market

February 1, 2012

VICTORIA, BC - While the average price for a single family home in Greater Victoria softened slightly (3.62%) in January 2012 when compared to January 2011, sales over the same period have increased by 9.4%.

"These numbers definitely match what we have been hearing from our Members," says Carol Crabb, President of the Victoria Real Estate Board. "Showings have increased, sales are slowly increasing and there is a sense of optimism among area REALTORS®.

"Buyers are still price sensitive and very aware of the market values of homes. Sellers need to be aware that average prices trending up or down may not apply to their market area. They should consult with REALTORS® regarding prices in their own neighbourhood communities."

The number of active listings continues to decrease from a high of 5,094 in July 2011, creating more balance in the market. When supply exceeds demand, buyers can afford to be choosier and wait for the right house, at the right price.

"That said, buyers seem to be tired of all the doom and gloom stories about the global economy," Crabb adds. "Interest rates are good and they are keeping our Members busy with showings."

Total non-waterfront Single Family Dwellings sold: 187, up 9.4% over January 2011.
Total waterfront Single Family Dwellings sold: 4, down 43% over January 2011.
Single Family Dwellings sold over $1 million: 9 (none over $2 million).

Monthly Sales Summary
Average Selling Price Graphs
Active Listings, New Listings and Sales Graphs

Courtesy of the Victoria Real Estate Board