Ron Neal’s August 2014 Victoria Real Estate Market Update
by Ron Neal
on Tuesday, August 5th, 2014 at 5:26pm.
As our summer weather heated up so did sales with almost 100 more sales in July of this year compared to July of 2013 and right on track with June’s sales volume. There were again more than 1,200 new listings for the month and the resulting total number of residential listings for sale at the end of July was 4,570. The simple math is that 14.9% of available listings sold during the month or about 1 in 6.5, all in all a balanced market but still favoring buyers in my opinion. We are experiencing a surge of relocating buyers from other parts of BC, Canada and International Immigrants. Also, there seems to be a small increase in investor interest/buying, although significantly restricted by tight lending rules. I have been successfully finding ways to get financing, when there’s a will, there’s often a way! Call me for help finding options and solutions.Surprising summer sales for Victoria and area real estate
August 1, 2014, Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014.
681 properties sold in the region in the month of July 2014, compared to 583 last year in July - an increase of nearly 17%. June 2014 saw 680 sales.
When compared with year-to-date sales in 2013, 2014 shows a 10% increase.
"I think the activity in July has surprised a few people," Victoria Real Estate Board President says. "Traditionally the summer market is slower than the spring, but numbers are tracking closely to March and April sales this year. Last year sales in July were 12% lower than in June - and June was the peak of the market in 2013. This year we see slightly more sales in July than in June. This is the first year since 2003 that July numbers have beaten June."
The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core area in July was $562,000 - 2% higher than last year's average value for the same home - $550,900.
"I'm looking forward to August numbers. With the diverse inventory on the market, stable pricing and the reasonable interest rates," he adds, "I think the busy sales season could last into fall."
The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.