April 2019 Blog
Spring has arrived in Victoria, and the Real Estate market is doing better than expected. The government intervention to cool the market over the last two years is having a dampening effect for some buyers qualifying for more expensive homes, so this segment of the market is slower. However, this has created extra pressure on the lower end which is resulting in a steady stream of buyers that want to get into the market, so homes in the lower priced property range are selling quickly if priced correctly, and are starting to see multiple offers.
The current listing inventory; while still above 2018 levels, is well below the 10 year average. This, coupled with the low interest rates which are expected to stay down for the balance of this year, should keep prices stable and will assist in keeping the market balanced.
Overall, Victoria’s real estate market should remain strong this spring. Most homes priced above the $800,000 range will need to be priced right to attract buyers. Homes under this range will continue to sell at a good pace and this sector of the market might even experience some price increases. With our great local climate and excellent livability ratings, people from all over the world and other parts of Canada continue to want to move to our beautiful city, and this will always keep our market moving in a positive direction for years to come.
Here are some of the statistics for February, 2019:
Listing Inventory:
There were 2,435 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March, 2019, a 38 per cent increase from the 1,766 active listings for sale at the end of March 2018, but only 14% higher than last month. While still significantly higher than a year ago, the current levels are well below the 10 year average of about 3400 at this time. This should result in a continued balanced market for buyers and sellers throughout most of this year, but increased activity on the lower end of the market.
Sales:
A total of 640 properties sold in the Greater Victoria region this March, which was only 7 per cent fewer than the 688 properties that sold in March 2018. However, this was a whopping 52% higher than last month. Sales of single family homes totalled 322, which was down 4.5% from March 2018. Sales of condominiums were down 4.5% from March 2018, with 196 units sold this past month, but the total was about 52% higher than February, 2019. The sales numbers should continue to improve this spring, but the overall numbers will remain lower than 2018.
Average Prices:
Currently, the average price for a Single Family home in Victoria is sitting at $843,600, down slightly from the average price of $845,900 at the end of February, 2019. However, overall prices are down by about 5% from the peak high in the summer of 2018. Average condo prices are sitting at $506,500, slightly higher than a year ago which was $501,500, and slightly higher than February, 2019 which was at $502,800. While these condo prices are slightly higher than one year ago, they have not changed much in the last 6 months and should remain relatively unchanged in the coming months.
Have a great rest of your week.
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources
Click here for List of Upcoming Open Houses in Greater Victoria
