Real estate is now selling at a frantic, borderline chaotic rate here in Greater Victoria. The pace experienced for the past few years in Vancouver is now spreading to the island and other parts of BC. There wasn’t much time for sleep in the real estate business last month here in Victoria as we blasted past all time record sales standing since May 1991, the month before I was first licensed.
There were a total of 1,286 properties sold in Greater Victoria for the month, a more than a 50% increase for VREB for the month compared to last year with 840 sales (which was by no means a slow month!). For the first time since 2007 on the way to our busiest month ever, The Neal Estate Team exceeded one sale per day for the month meaning we represented the Buyer or the Seller in about one of every fifty properties sold in the region of more than 1,300 agents last month.
The shortage of available listings is contributing to the experience we’re having with our market. Although there were 1,590 new listings in the month of April, and as of April 30, 2016 there were only 2,594 listings for sale in the region, down a third from 3,945 at the end of April last year. The decline in available listings together with the increase in sales has significantly tightened up the market and tilted to a more extreme “Seller’s Market” with now just a 2 month overall supply in the region.
We are seeing price increases, double digit in some cases from just a couple months ago. The activity level is spreading through the region but there is a definite focus on certain areas, property types and price ranges that have seen more intense activity than others.
How long will this continue? In my own personal crystal ball I see plenty of room for further increases relative to the lower mainland. I believe prices will be on the upswing until there is some significant government policy shift that affects demand or some other factor that limits the inflow of capital or causes a downshift in general consumer confidence.
In these market conditions the advice and assistance of an experienced and competent Realtor is more valuable than ever. Please don’t hesitate to contact us for FREE expert real estate consultation with respect to your property or any property of interest.
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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.