A total of 10,622 properties changed hands in the capital region’s hot real estate market in 2016. That beats the previous high of 9,241 set in 1991.
“As we expected, 2016 broke records in terms of the number of properties sold in our area,” says Mike Nugent“ outgoing president of the Victoria Real Estate Board.
Nugent predicts sales will remain healthy this year, but not at the level of 2016 because of tight inventory.
There were 1,493 active listings for sale in Greater Victoria at the end of December 2016, a 40.7 per cent decrease from the 2,517 active listings at the end of December 2015.
“You can’t sell something that isn’t there. There is certainly an ongoing demand for properties,” Nugent said Tuesday.
25 per cent of sales in December 2016 were above the asking price, according to Victoria Real Estate Board.
The average single-family home in Victoria increased to $758,500 last month, a 23.6 per cent jump from $613,600 in December 2015.
In December, a total of 471 properties sold in the Victoria, 1.3 per cent more than the 465 properties sold in December last year.