Last year was indeed memorable for local real estate.
“As we expected, 2016 broke records in terms of the number of properties sold in our area,” noted outgoing 2016 board president Mike Nugent.
Through the year, “10,622 properties sold, which exceeds our previous high of 9,241 sales in 1991.”
A total of 471 properties sold in the Victoria Real Estate Board region in December, 1.3 per cent more than the 465 properties sold in December last year.
Inventory levels edged lower than last year, with 1,493 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of December 2016, a full 40.7 per cent fewer than the 2,517 active listings at the end of December 2015, the board reported.
In Langford, the benchmark price for single-family homes in December was $506,900, up from $428,500 at the same time last year. Colwood saw a similar increase to $558,800 from $467,400 while View Royal saw a jump to $634,500 from $527,900. Highlands and Metchosin both saw significant jumps as well. The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in December 2015 was $613,600. The benchmark value for the same home in December 2016 has increased by 23.6 per cent to $758,500.
“We expect sales to continue to be strong but we don’t expect to see the phenomenal activity we saw in 2016 for 2017. Inventory continues to be low,” Nugent said.
“You can’t sell something that isn’t there. There is certainly an ongoing demand for properties. This is reflected in the fact that 25 per cent of sales this month sold over their asking price. The majority of these properties were in the up to $750,000 price point, so your average buyer will face a competitive market.”