September 15, 2019
The summer real estate market remained strong this year and the upcoming fall market will continue in its path. The weather has been great, and lots of buyers continue to arrive from different parts of Canada to explore their Greater Victoria buying options. Prices continue to hold steady, and sales are continuing to trend upward. The Bank of Canada did not change the interest rates last week, so the current low mortgage rates will continue for the foreseeable future, which is one of the main reasons that the market is so active. The higher priced homes still need to be priced correctly or they will sit on the market longer, but the lower segment of the housing market is very active. Overall, sales should keep moving in a positive direction as the fall market begins, and a more balanced market will continue for the foreseeable future.
Below are some of the statistics for August 2019:
Listing Inventory:
There were 2,838 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2019, a 12.7% increase from the 2,519 active listings for sale at the end of August 2018, but a 3.8% decrease from last month. The overall inventory should lead to a short fall of good homes for sale, resulting in an active fall market, and a continued balanced market for buyers and sellers throughout most of this year.
Sales:
A total of 661 properties sold in the Greater Victoria region this August, which was surprisingly 11.3% higher than the 594 properties that sold in August 2018. This is the forth month in a row where sales have surpassed the previous years monthly totals. However, compared to July of this year, the sales numbers in August were down by 6.4%.
The sales of Single Family homes totalled 351, which was up 15.1% from August 2018. Condominium sales totalled 203, which was 4.1% higher than August 2018, but slightly below the total of 215 for July 2019.
Average Prices:
Currently, the average price for a Single Family home in Victoria is sitting at $847,800. This is down by about 4.6 % from the August 2018 average of $881,100. The monthly average had peaked at $898,500 in June 2018, and it has dropped slightly almost every month since that time. The average price in August also dropped slightly from July’s average of $858,800.
Average condo prices are sitting at $518,100, 2.9% higher than the $503,600 average in August 2018, but slightly lower than July 2019, which was at $523,400. While these condo prices are up from one year ago, they have not changed much in the last 8 months and should remain relatively unchanged in the coming months.
As summer starts to wind down, I hope you get a chance to enjoy the these last few weeks of great weather with friends and family!
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 June for RE/MAX.
I couldn’t have done it without you allowing me to represent you with your Real estate sales and purchases.
