It starts with the title, "March 2014 Real Estate Activity in Victoria". That's so boring I could have written it. What happened to "Spring Market Rebounds in Victoria?" or "Buyers Frothing at the Mouth for Your Home"? After all, sales are up almost 20% from last year. It's here I would point out the problem with that comparison, but Tim has thought ahead; so I'm reduced to a lame "what he said".
However, the average sales for the month of March over the past five years is 607 properties per month, so though 2014 is stronger than the year previous, sales have not yet returned to the longer term averagePrices are flat according to the MLS HPI, and the market according to Tim is balanced. "There is no extreme upward or downward pressure on housing prices right now". Sure enough, the data agrees.
MOI of 7 is a bit less than the March of the last 3 years, but still on the high side of a balanced market.
Sales to list is again stronger than the last years, but not strong.
I like the yearly data because it flattens out all the seasonality and minor price movements. And something unusual is happening. Whether due to sales mix changes or actual price increases, the yearly median price has gone up for a few months now. That hasn't happened since the last peak in 2010.
$5000 isn't much, but it's a break from the multi-year trend we've seen. However, as Just Jack says, if you really want to know what's going on, you have to look at the segment of the market you're interested in.