VICTORIA, BC—Victoria’s real estate market ended 2013 with some momentum after a weak first quarter.
Total MLS® sales in December 2013 were 355, a 25% increase over December 2012 when 283 units sold. Annually, total units sold increased by 4%, with 5,998 in 2013 compared to 5,747 in 2012.
The overall MLS® HPI single-family home benchmark price for Greater Victoria was $479,500 in December 2013, compared to of $495,400 in December 2012, a decrease of 3.2%.
“Bear in mind that prices vary from area to area,” says Tim Ayres, 2014 President of the Victoria Real Estate Board. “I’m optimistic about the next year. Buyers who were on the sidelines are now out shopping. Savvy buyers need to know that there are some good deals in certain areas, and interest rates are not expected to increase in the near future.”
At the regional level, the MLS® HPI benchmark price for the single family benchmark home in the Core municipalities was $542,800, a decrease of 1.1 per cent over the previous month and a 2.4 per cent decrease over December 2012. In Westshore, the MLS® HPI benchmark price for the single family benchmark home was $404,200, an increase of 0.1 per cent over November 2013 and 3.6 per cent decrease over December 2012. The MLS® HPI benchmark price for the single family benchmark home on the Peninsula was $499,900 for December, a decrease of 1.6 per cent over the previous month and a 4.1 per cent decrease year-over-year.
There were 3,554 active listings at the end of December, a 9% decrease over December 2012, which Ayres notes contributes to stronger market conditions.
There were 92 condominium sales in December 2013, compared to 99 in November 2013 and 65 in December 2012. The overall MLS® HPI benchmark price of $278,600 was down 1.2% from December 2012. There were 32 townhome sales in December 2013, compared to 49 in November 2013 and 30 in December 2012. The overall MLS® HPI benchmark price of $392,500 was down 0.5% from December 2012.
Total Waterfront Single Family Dwellings sold: 10, also 10 in December 2012
Total Non-waterfront Single Family Dwellings sold: 178, down 32 sales from December 2012
Single Family Dwellings sold over $1 million: 13 (2 over $2 million)
At the heart of the MLS® HPI is the concept of the “benchmark” home, a notional home that has the most common features of a typical home in a given area. The benchmark home is not meant to represent any actual house, condo or townhouse, but merely provides an identical example to track market changes. There are separate benchmark houses, condos and townhouses in each distinct area of the Greater Victoria region, enabling price tracking of very distinct markets.