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Ron Neal’s Candid Comments on the Victoria Real Estate May 2014 Market Update

Posted by Ron Neal on Monday, May 12th, 2014 at 4:17pm.

At the end of March we celebrated our fourth consecutive quarter of increased sales over the same period in the prior year and general optimism in our marketplace is still on the rise!  The trend is continuing and the momentum seems to be increasing. April last year was when it started and this April we surpassed last April’s sales by a healthy margin. Our own team’s sales increased dramatically over the previous year with 21 accepted offers this April, nearly doubling our last year’s numbers. Although the number of new listings is up, the total number of listings for sale is still a little lower than this time last year. With the increased sales the overall market has become more balanced with the absorption rate at 15% of the overall supply per month selling which is about a 6.5 month supply. As with many statistics, this one can be misleading because the actual market activity varies tremendously for different property types, areas and price ranges. For example, in April 30% of the single family homes listed in Oak Bay sold while only 4% of condos listed in Sooke sold. For an intimate look at market activity for your own neighbourhood, please try our FREE MARKET SNAPSHOT service.   Cardie SOLD VREB News Release May 1, 2014 Victoria real estate market is on track and steady for spring Victoria BC - The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for April 2014. 664 properties sold in the month of April 2014, compared to 615 in April 2013 - an increase of nearly 8% year over year. Compared to last month in March, there were 15.5% more sales. New inventory came on to the market; with almost 9% more new listings than last month, which creates more choice for buyers. And though the total inventory level was higher than last month, it was still 4% lower than this time last year - approximately 180 fewer listings. "We're at an interesting time of the year for local real estate; spring is traditionally a busy season and I think the market is headed in the right direction," Victoria Real Estate Board President Tim Ayres says. "I think people are watching numbers closely to see where house values are going and where demand is headed. But people waiting for a large change are going to be disappointed, because we see a steady market. Pricing is stable, inventory is at a good level, and we're in balanced market territory which is good for both buyers and sellers." Current MLS® Home Price Index benchmark prices were relatively flat across the region. Single Family homes on the Peninsula showed the largest change in benchmark price with a drop of 2% compared to last year, while the Westshore showed the largest increase with 1.2% compared to last year. Greater Victoria condo benchmark pricing was down 0.5% from last year, but the value in the same area for townhouses increased by 2.4%. Victoria Real Estate Board President Tim Ayres is available for comment. More information on the April 2014 report and the MLS® HPI is available from the Victoria Real Estate Board. About VREB - The Victoria Real Estate Board was founded in 1921 and since that time has been a key player in the development of standards and innovative programs aimed at enhancing the professionalism and community standing of REALTORS®. Formation of the Board grew out of the realization in the early part of the last century that there was a need to establish basic standards for those working in the real estate industry.  


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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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