The Victoria real estate market continues to remain stable and balanced this fall, and should remain so for the next few months. Sales jumped up from the September numbers, but remained lower than the November 2017. Listing inventory is also significantly higher than this time in 2017, leaving more choice for buyers. Currently, the average price for a Single Family home is sitting at about $881,000, down slightly from the peak price this past August of $888,300.
October sales numbers were down again from a year ago even though they were higher than September of this year. There appears no obvious reason for this increase over September other than the weather was very good for most of October, so more buyers were out looking at homes. Also, the Bank of Canada did increase the interest rate in October, which could have created a surge in buying to take advantage of the lower mortgage rates before they go up further. The overall listing inventory sits at about 2500 properties listed for sale on the lower Island compared to about 1800 this time a year ago, which is now about 30% higher. This gives Buyers more choice and is a welcome change to the market.
Homes priced under the $800,000 range are still the most active and multiple offers are still less frequent than a few months back, as most areas have more choice of homes on the market. However, some of the high demand neighbourhoods are still experiencing quick sales but the homes must be well priced. Any homes that are perceived as being overpriced will not receive offers. The increased listing inventory is allowing buyers more time to look, and not feel pressured to act fast or pay too much for a home. Sellers need to adjust their thinking and price their homes competitively to attract offer because the days of pricing high and waiting for a buyer to show up appear to be over for now. These current higher listing inventory levels are good for the overall balance of the market. Victoria is a great city to live and call home and is usually sheltered from significant price fluctuations. The region will always be an attractive location for buyers from across Canada and around the world.
In the meantime, enjoy the rest of the fall market, and if you or any of your friends or relatives require any real estate related information or assistance please call or contact me through my website: www.dalesheppard.com. Or call or text me at 250-744-0844. I look forward to hearing from you soon.
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