Latest data collected from the Victoria Real Estate Board reveal there are fewer homes are up for sale in Greater Victoria, with home prices and sales shooting up.
In the core municipalities, single family-sized houses rose in benchmark value in November, amounting to $608,600 –nine percent higher than its $558,600 figure back in November 2014.
Sales also enjoyed a 23 percent jump year over year with a total of 573 properties changing hands in the previous month in comparison with 465 in November 2014.
Inventory on properties on the Multiple Listing Service dropped 18.7 percent from 3,631 in 2014 to 2,952 in November 2015.
Board President Guy Crozier said buyer demand has increased, with inventory decreasing year over year.
According to him, Victoria has real estate microclimates, with different areas having different levels of demand and the capacity to meet said demand.
But, despite the increase in properties selling throughout the region, Mr. Crozier said value and timing (to sell) can differ depending on the location and type of property being sold.
$277.5 million is the total value combined of the 573 properties sold in November.
Leading the region is Saanich East which had the highest number of single family houses sold at 60, with a total of $41.58 million and an average of $693,030.
Coming in at second is Langford, with 42 single-family houses sold totaling $22.13 million and averaging $526,983.
Finally in Oak Bay, there were 21 single family homes sold for a total of $22.67 million and an average of $1.09 million.
Contact your residential property broker Victoria to know more and to get assistance with your real estate requirements.
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