Spring Market Update 2018 – Prices Still high!
If you haven’t heard the news, the Victoria Real estate market set a record again for sale prices in March 2018, with average prices reaching $859,000. Overall sales numbers are down from 2017 by about 25% compared to this time last year but listing inventory is still very low, so the result is continued high prices. Not until the supply of homes increases significantly will the region start to experience some softening of prices. Until then, with continued low inventory, I think the prices will remain strong for the next few months.
However, as the effects of the Governments mortgage stress test rules enacted in December start to take hold, coupled with the BC governments foreign buyer tax and the controversial speculation tax in the works, we might see a further drop in monthly sales in the coming months. With a continued increase in the number of homes for sale in the region, this could all lead to an overall market slow down, which will likely result in some price drops. I would say that the next 90 days will tell the story of which direction the market is going to head in the Greater Victoria area.
Currently, if your home is priced fairly, you can expect to attract high buyer demand, and sell quite quickly, close to list price, or in some cases, above list price. Therefore, if you are buying, it is important to make sure you have all your financing in place in advance of making an offer, so you will be ready to jump in with an offer when you find the right home.
Let me know if you have any questions about the market, or the buying or selling process. I am always available to help guide you through your selling process.
Here are a few links to various real estate sources that may be of interest to you:
1. Up-to-date real estate information on my Facebook page: VictoriaBCProperties
2. Latest Website Newsletter: Newsletter
3. Latest historical statistics from the Victoria Real Estate Board: VREBStatistics
4. Search for Victoria Properties for sale at my website: www.DaleSheppard.com