The Victoria Real Estate Market showed no signs of slowing through October with 734 properties sold for the month, the 29th consecutive month with more sales than the same month of the prior year. There were 602 sold in October 2014, that’s a 22% increase. The supply of properties for sale also continued to shrink, now down to only 3,170 listings at the end of October, a decrease of 19% from 3,927 at the same time last year.
The balance of listings and sales equates now to just over a 4 month overall supply (4.3 months) confirming that we are still in a strong seller's market with upward pressure on prices. With many buyers competing for fewer listings, we are seeing prices forced upwards in the competition. The impact is far more apparent in the hottest areas. Last month we sold a Saanich property in Gordon Head that attracted 13 offers!
A study published in the National Post reported that 70% of the ultra-high end Vancouver Westside Buyers have been from mainland China. At an average purchase price of 3.05M the report also showed that 36% of those buyers listed their occupations as student or housewife. We are directly experiencing the impact of this with both foreign buyers investing in our high end market and also with a growing significant influx of buyers cashing out in Vancouver and buying here in Victoria.
I wouldn't be thinking "bubble". On an international scale it seems our prices are still a bargain! I just returned from my 11th international RE/MAX Team Canada Hockey tour and from my observations of prices in foreign markets, our prices are low by international standards AND we live in one of the most desirable places on the planet! It's no wonder the world's wealthiest are buying up our real estate.
For information relevant to specific property and neighbourhoods please visit RonNeal.com for an easy instant market evaluation, or register for our Market Snapshot to view details on current listings and recent sales in your area, or contact a Neal Estate Team Real Estate Expert for a personal consultation with no obligation of course.
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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.