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

The trend in Greater Victoria Real Estate over the past year and a half of increased sales and decreasing listing continued this August with 12% more sales compared to August of 2013 and also a slight decline in the total number of listings available for sale down to 4,316 from 4,593 at the end of August last year. With 609 residential sales for the month, up from 540 in August of last year, the ratio of sales to listings for the month dropped from an 8.5 month supply a year ago to just a 7.1 month supply now. Following historical trends we can probably expect a slight increase in the number of listings available in the fall. The general consensus is that we are in a balanced market although some areas and property types are clearly performing better than others. The bottom line is that it’s now a great time to make your real estate move! For specific market data and interpretations relevant to your home in your area I invite you to check out our FREE Market Snapshot service, or call for personal consultation.  VREB News Release: Victoria real estate market's summer season surpasses expectations September 2, 2014, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity in the Victoria area for August 2014. 609 properties sold in the region in the month of August 2014 - an increase of over 12% compared to the 540 properties sold last year in August. 2014 shows a 10.5% increase in year-to-date sales compared to last year. "When July numbers came in higher than we expected based on the past five years of sales activity, I think a lot of people were surprised." Victoria Real Estate Board President says. "But sure enough, the market outperformed last year's sales again in August and we've had the busiest August we've seen in five years." The MLS® Home Price Index (HPI) benchmark value for a single family home in the Victoria Core this time last year was $486,900 - this month tracks an increase of just under 1%, which brings the benchmark value up to $491,500. Condominiums and townhouses in Greater Victoria each show a 2.5% increase in value over last year. "We've seen balanced market conditions for 6 months now," adds President Ayres, "This means we're not in a buyer's or a seller's market, but in an extended term of stable prices due to the ratio of available property for sale to the amount of sales. It's a great place for sellers and buyers."