While our weather cooled our real estate market certainly didn’t! The number of listings has been slowly declining over the past year relative to the previous year and the inventory of actively available listings for sale dropped suddenly and sharply by almost 10% between the end of September and about the middle of October from nearly 4,400 listings to less than 4,000. Sales increased from the previous month and were also up over the same month last year. Overall conditions are trending again to a balanced market with the ratio of listings to sales for the month now equaling a 6.5 month supply. Of course there are different trends and markets being experienced in different areas, property types and price ranges. For information specific to your own neighbourhood, 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 neighbourhood listing and sales activity at www.RonNeal.com.
Media Release From VREB - The following news was released to local media today: Strong Victoria real estate market again in October November 3, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for October 2014. 602 properties sold in the Victoria region this October, an increase of 17.6% when compared to the 512 properties sold in the same month last year. "Here we are again, a month in 2014 ending with more sales than in 2013," Victoria Real Estate Board President Tim Ayres says. "This year has been a solid year for local real estate - indeed we are only 154 transactions away from meeting the total number of sales from 2013 - and there are two more months left in the year!" The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $547,800. This month the benchmark value increased to $553,900. "All year we've seen a decrease in the number of active listings and increase in sales compared to 2013 numbers," adds President Ayres. "Last year at the end of October we saw 4,322 active listings, and this year we see 3,927 active listings, that's a 9.1% change." Victoria Real Estate Board President Tim Ayres is available for comment. More information on the October 2014 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board.
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.