The trend continued through to our year end with a steady decline in the number of listings to 3,210 at the end of 2014 compared to 3,554 the same time a year ago together with an increase in the number of residential sales to 346 this December 2014 compared to 319 a year ago. That’s about 1 in every 8 listings sold last month. To put some perspective on it, in December 2013 that ratio was more like 1 in 10 and in December 2012 it was about 1 in 12! As we head into our new year now we can fully expect the number of listings available for sale to steadily increase until likely peaking in May. If consumer confidence remains as high as it has been and mortgage rates low, we will likely see strong sales and some price appreciation in the higher demand areas, property types and price ranges. Beat the crowded spring market and list for sale early in the year to stand out from the crowd. For up-to-date info including listings and recently sold properties in your own neighborhood please check out our FREE Market Snapshot or call 250.386.8181 with no obligation of course. CMHC in their fall 2014 report predicted as follows: " Housing starts will increase to 1,825 units in 2015 to meet growing demand before declining to 1,750 units in 2016 as mortgage interest rates edge higher. New home construction is forecast to total 1,525 starts in 2014." "MLS® sales are expected to increase 12 per cent to 6,350 units in 2014 and maintain similar levels of activity in 2015 and 2016 as the economy and employment improve." "Rental vacancy rates will remain relatively stable, increasing marginally to three per cent in 2014, before dipping to 2.7 per cent in 2015 and 2016 as demand balances new supply."
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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.