May 2019 Blog
Spring has arrived in Victoria, and the Real Estate market is continuing to surpass expectations. 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 is increasing; while still above 2018 levels, it remains 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.
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 April, 2019:
Listing Inventory:
There were 2,751 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April, 2019, a 37.4 per cent increase from the 2,002 active listings for sale at the end of April 2018, but only 13% 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 696 properties sold in the Greater Victoria region this April, which was only 10 per cent fewer than the 774 properties that sold in April 2018. However, this was 8.8% higher than last month. Sales of single family homes totalled 369, which was down 12% from April 2018. Sales of condominiums were down 9.8% from April 2018, with 203 units sold this past month, but the total was about 3.6% higher than March, 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 $845,100, up slightly from the average price of $843,600 at the end of March, 2019. However, overall prices are down by about 5% from the peak high in the summer of 2018. The average was $874,800 in April 2018. Average condo prices are sitting at $511,700, slightly higher than a year ago which was $501,500, and 1% higher than March, 2019 which was at $506,900. 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 Victoria Day Long Weekend!
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
