The Greater Victoria Real Estate Board fell short of its forecast for January home sales, but said the 342 properties that changed hands last month marked a "solid start" to the new year that re-established momentum after a slow holiday season.
The 342 sales through the Multiple Listing Service represented a 16 per cent increase over January 2013, when 294 units sold. The board had predicted 355 sales last month.
"While we're pleased with the number of sales this January and the percentage increases over January 2013, it's important to remember that the market last January was restrained under tightened mortgage amortization rules imposed in July 2012," board president Tim Ayres said in a statement.
The single-family home benchmark price for the entire Greater Victoria region was $481,200 in January, a 1.7 per cent decrease when compared to the January 2013 value of $489,400.
"Market activity increased as the month progressed," Ayres said, noting that "attractively priced and well-presented properties are moving quickly."
At the regional level, the benchmark price for the single-family home in the core municipalities was $546,300, an increase of 0.6 per cent over the previous month and a 0.5 percent decrease over January 2013.
On the Westshore, the benchmark price was $404,800, virtually unchanged from December 2013 and a 1.5 per cent decrease compared with January 2013. The benchmark price on the Peninsula was $497,200 for January, a decrease of 0.5 per cent over the previous month and a 4.9 per cent decrease year-over-year.
There were 3,489 active listings at the end of January, down 10 per cent over January 2013.
There were 92 condominium sales in January, the same as December and down from 81 in January 2013. The region-wide benchmark price in January for condos was $276,800, down 1.7 per cent from $281,600 from a year ago.
For townhomes, 30 sold in January, compared to 32 in December 2013 and 40 in January 2013. The region-wide benchmark price for townhomes was $398,000, up 0.7 percent from $395,400 in January 2013.
There were seven waterfront single family homes sold in January. Ten homes sold for more than $1 million and there was one that sold for more than $3 million.
See the detailed Victoria Real Estate Board stats here.
