Ron Neal's Candid Thoughts on the Victoria Real Estate Market for July 2015

Although seasonally down as expected from June’s record setting pace, our market has not slowed at all really. In July 2015 the VREB reported 796 sales vs 681 in July 2014, that’s a 17% increase. The supply of listings has also remained low overall with just 3,942 equal to just shy of a 5 month overall supply which is an “undersupply” giving us a “Seller’s Market” with continuing upward pressure on prices.

The Luxury Home market in Victoria is hot with a significant increase in sales from a year ago. There were 38 sales in the region in July over $1 Million compared to 26 in the same month last year, a 46% increase. From my observations, this is primarily resulting from an outflow of Vancouverites. They see great value in our market after theirs has risen dramatically for the past few years while ours remained fairly static. We also have an influx of international immigrating buyers, many of whom arrive with very deep pockets. The low interest rates and our healthy local economy are certainly contributing to this market activity. Our team is pleased to have assisted clients on 3 of those 38 transactions, or approximately “1 in 13” sales in the luxury home market.

The HPI or “Home Price Index” indicates prices up over 6% for the benchmark typical single family detached home in the Greater Victoria Core from a year ago. This short supply and upward pressure on price is not being experienced equally in all property types, areas and price ranges. We are happy to provide statistics and information relevant to specific properties. Please click here to contact us for assistance.

I’m proud to share that our amazing group of Realtors at RE/MAX Alliance continue to outpace the market as the top selling #1 sales per capita office in Greater Victoria. Last month with just 26 of us from the over 1,200 Realtor members of the Victoria Real Estate Board, we represented the Buyer or the Seller in 1 in every 11 transactions during the month of July. We also launched a new website for our office, check out www.Alliance-Victoria.com and let me know what you think?

Our own team’s sales results last month were spectacular with 25 firm sold happy clients meaning that the 5 of us on our “Neal Estate Team” represented the Buyer or the Seller on 1 of every 32 transactions in Greater Victoria last month! Our new website (RonNeal.com) is exceeding our expectations and is a major factor as is our very successful YouTube and social media marketing. Still, the most significant factor are the many who support us with your referrals. We are overflowing with gratitude and truly blessed to have the opportunity to work with some of the best clients ever, most introduced and recommended to us by colleagues in other markets around BC, other parts of Canada and many internationally too, in addition to those from many happy past clients here in Victoria.  It’s amazing what results with great synergy, focused hard work, absolute integrity and a commitment to world class service. Thank you for your support.