It’s an exciting time to be in real estate in Victoria. It can also be stressful, especially for home buyers who are competing for a very short supply of listings. Our team has developed and engaged new strategies to assist both buyers and sellers giving them maximum advantages in these unprecedented market conditions.
With 1,289 sales in the month of May, 42% more than May 2015 and an inventory of active listings at the end of the month at only 2,406, down 40% from May 2015, the supply has dropped to just a 1.9 month supply. Furthermore, many of those listed as available are already under contract but not yet reported sold waiting for condition removals.
The spring is normally our busiest time of the year for new listings and sales. This year is one for the record books and it will be interesting to see what happens through the summer months. With the low number of available properties for sale and such high demand from buyers we would expect to see continuing competition for new listings and upward pressure on prices. The benchmark price index shows an overall increase for homes in the Victoria Core of 19% from May of last year. The increase hasn't been experienced to the same degree in all areas and property types but the wave of activity appears to be spreading its way through the entire region. Some premium areas have seen increases of more than 50% in value from a year ago with most of the since January of this year. I think that will spread throughout Greater Victoria equalizing values to some extent.
Buyers are flooding in from Vancouver and the Lower Mainland in addition to Alberta, other parts of Canada, the USA, China and other parts of the world. It would seem that the world has discovered that Victoria is a great place to live and that our real estate is undervalued on a national and global scale.
Last month The Neal Estate Team enjoyed our most successful month of sales ever with more than a sale per day for the month. We are currently assisting more buyers than sellers, many from out of town. We need listings! If you are considering buying or selling in the near future, please contact us for a free no-obligation personal consultation.
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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.