Sales for the Victoria Real Estate Board decreased 22.5% in November compared to October but were still 12.9% higher than November of last year. The important ratio of supply and demand between listings available for sale and listings sold became more balanced with the continuing dip in listing inventory down to 3,631 at the end of November. With the available listings down nearly 10% from a year ago and sales up over 10% from a year ago our market is reasonably balanced overall with just under an 8 month supply. We can expect to see the listing supply to continue lower following normal seasonal trend through December. With listing inventory dropping to the lowest level we’ve seen in years, now through January and early in the new year will be an excellent time to list for sale as competition is low and buyer interest generally starts percolating right after the holiday season. We should see continued pressure on prices in areas where supply is low and demand is high. For information specific to your own neighborhood, property type and price range please call 250.386.8181 for a FREE consultation with no obligation or visit our helpful online tool to view your own neighborhood listing and sales activity at www.RonNeal.com/MarketSnapshot Media release from VREB The following news was released to local media today: Steady real estate market in Victoria continues as 2014 sales surpass 2013 numbers December 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for November 2014. 465 properties sold in the Victoria region this November, an increase of 12.9% when compared to the 412 properties sold in November last year. "This year has been great for Victoria real estate, we've seen a friendly market for buyers and sellers thanks to steady pricing and low mortgage rates," Victoria Real Estate Board President Tim Ayres says. "By early last month sales in the Victoria area met the number of total sales we saw for the entire year of 2013, and now we are 5.18% over last year's sales with another month to go before year end." The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $482,300. This month the benchmark value increased 1.4% to $489,000. "Another statistic to watch is the number of active and new listings," adds President Ayres. "682 properties were listed this November, and the total number of properties listed for sale including those newly listed was 3,631. That's 9.6% fewer properties for sale than November last year. "More information on the November 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, vreb.org. About VREB - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs that enhance the professionalism and community standing of REALTORS®. The Victoria Real Estate Board represents more than 1,200 local REALTORS®
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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.