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Ron Neal’s Candid Comments on Victoria Real Estate Market for October 2014

Posted by Ron Neal on Friday, October 3rd, 2014 at 5:49pm.

September saw a drop in our sales volume compared to August, contrary to our typical seasonal variations. Sales volume peaked in May with 714 sales and has been trending lower each month since down to 565 sales in September from 609 in August, but still up substantially from the same time last year. The number of active listings has also continued to trend lower, down to 4,253 at the end of September, keeping the market in balance overall with the supply now at 7.5 months. The market continues to be supported by relocating buyers moving into and investing in our market including an increasing trend of buyers from China. For information on sales and listings specific to your own neighborhood, please visit www.RonNeal.com for FREE helpful real time information. Victoria Real Estate Board Media Release Strong sales and stable market conditions continue through September October 1, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for September 2014. 565 properties sold in the region this September - an increase of 16% compared to the 487 properties sold in the same month last year. The quarter ending in September shows a 15% increase in the number of sales overall compared to the same quarter in 2013. "Once again we see more houses sold this month than last September," Victoria Real Estate Board President says. "We haven't seen sales like this in September since 2009. The balanced market conditions we've seen over the last seven months mean property prices are stable, so it might be more comfortable for buyers and sellers to make a move because they know that property values are predictable." The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core this time last year was $550,900. This month the benchmark value increased to $556,200. "There are some districts in the Victoria area that have seen an increase in their benchmark values, and others that are relatively flat compared to last year," adds the President. "Since there is this difference within the local market, it's important to connect with your local REALTOR® to get an understanding of the market as it relates to your specific neighborhood."        

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The Neal Estate Team

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. 


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