Business

Real estate values for February 2014

The first two months of 2014 saw the real estate market slightly ahead of the same period in 2013.

“It’s encouraging that sales activity continues to increase as we move towards a healthy spring market,” noted VREB President, Tim Ayres in a press release. “2013 spring sales were quite strong and we’re hoping for a similar level of activity this year.”

Single family residential sales in Sooke in February 2014 totalled 16 units; and manufactured homes seven. No townhouses, condominiums or lots and acreages sold.

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 does not represent any actual house, condo or townhouse, but merely provides an identical example to track changes in market value. The benchmark of a single family home in Sooke retained close to the same “benchmark” over the last five years. Five years ago the price was $355,700, three years ago the price was $350,500 and  $346,700 in February 2014.

Townhouse benchmarks in Sooke were $365,100 five years ago, to a high of $390,900 three years ago and 348,100 in February 2014.

Interestingly, the townhouse sales in neighboring Langford for the same periods were: $326,800; 362,900 and 320,900 and in Colwood $365,200; $417,600 and 367,200.

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