June 2019 Blog
Summer is rapidly approaching in Victoria, and the Real Estate market is continuing to do very well. The current overall listing inventory is still increasing, but the number of sales soared in May while prices remained firm. This, coupled with the low interest rates which are expected to stay down for the balance of this year, should keep the market moving in a positive direction throughout the summer months. Just keep in mind, anything that hits the market that is desirable and appropriately priced will attract offers quickly, and in some cases, multiple offers. Overall, the market is in a more balance one compared to the previous few years.
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 keep our market active for the foreseeable future.
Here are some of the statistics for May 2019:
Listing Inventory:
There were 3,019 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2019, a 26 per cent per cent increase from the 2,394 active listings for sale at the end of April 2018, but only 9.7 per cent higher than last month. While still significantly higher than a year ago, the current levels are well below the 10 year average of about 3900 at this time. This should result in a continued balanced market for buyers and sellers throughout most of this year and continued strong activity on the lower end of the market.
Sales:
A total of 848 properties sold in the Greater Victoria region this May which was surprisingly 12.3 per cent higher than the 755 properties that sold in May 2018. This is the first month in a very long time where sales this year surpassed the previous years monthly totals. Also, this was 21.8 per cent higher than last month. Sales of single family homes totalled 445, which was up 9.6 per cent from May 2018. Sales of condominiums were up 3 per cent from May 2018, with 244 units sold this past month, and the total was about 20.2 per cent higher than in April 2019. The sales numbers should continue to improve this spring, but the overall annual numbers will remain lower than 2018.
Average Prices:
Currently, the average price for a Single Family home in Victoria is sitting at $860,800, up slightly from the average price of $843,500 at the end of April, 2019. However, overall prices are down by about 2.6 per cent from the same time a year ago. The average was $886,800 in May 2018.
Average condo prices are sitting at $519,300, slightly higher than a year ago which was $506,100, and 2.6 per cent higher than April, 2019 which was at $512,700. While these condo prices are up from 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 Summer!
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
I would like to thank all of my clients for helping me achieve Top Realtor status for the Month of May for RE/MAX.
I couldn’t have done it without you allowing me to represent you with your Real estate sales and purchases.
