December 18, 2019
The holiday season is in full swing with only one week remaining until the Christmas break. The Real Estate Market is beginning to take a break as well and should remain slower until the New Year. Overall Sales were higher in November compared to 2018, and listing inventory continued to drop while prices have remained stable. This should result in an active Victoria market in the New Year and throughout 2020. In the meantime, I hope you find time to relax, enjoy the holiday season, and spend some quality time with friends and family over the next few weeks.
Below are some of the statistics for November, 2019:
Listing Inventory:
There were 2397 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2019, a decrease of 9.3% compared to the month of October 2019, but a slight 2.3% increase from the 2,343 active listings for sale at the end of November 2018. This lower level of inventory is due to the overall increase in the number of sales this year, which should result in a continued strong market through the end of this year and into 2020.
Sales:
A total of 577 properties sold through the Victoria Real Estate Board this past November. While this total was 6.8% fewer than October, it was an increase of 15.9% from November 2018, which was a significant increase from the 498 sales a year ago. Single Family home sales increased 15.4% from a year ago to 308, while sales of condominiums were up 5.9% from November 2018 with 161 units sold. The current trend over the last few months has seen overall sales numbers significantly higher than 2018, and if this trend continues, then the market should remain strong throughout the rest of this year and into 2020.
Average Prices:
Currently, the Multiple Listing Service® Home Price Index benchmark value for a Single Family home in the Victoria Core is $855,400, which is down 1.2% from the November 2018 number of $865,800 and relatively unchanged from the $857,700 average for October, 2019. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2019 was $517,000, which was 3.1% higher than the average price of $501,300 one year ago, and slightly higher than the $511,600 average in October 2018. Overall, pricing for Single Family homes and condos are remaining stable, and should continue in this pattern for the foreseeable future due mostly to continued low interest rates and lower listing inventory levels.
Have a Great Christmas and a Wonderful New Year and I look forward to providing new market updates in 2020.
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 November for RE/MAX.
I couldn’t have done it without you allowing me to represent you with your Real estate sales and purchases.
