Sales activity continues to be brisk up again for last month over the same month last year. The actual sales increase year over year is a substantial 26.8% with 905 MLS sales reported May 2015 versus 714 in May 2014. Almost back to the blistering pace we were on in 2007 with 963 sales in May of that year.
The number of active listings available for sale continues at a lower supply than the same time last year with 4.043 at the end of May compared to 4,672 in May 2014.
With those numbers the ratio of sales to current listings has dropped to just an overall 4 month supply from close to a 7 month supply at the same time last year. This current imbalance favours home sellers with more buyers competing for fewer listings and most would agree that we are experiencing a “hot seller’s market”, however, the experience continues to vary considerably by price range, area and property type.
Our HPI (Home Price Index) shows that our benchmark prices for single family detached homes have edged upwards from $570,500 in May last year to $593,200 this year or almost 4%.
Curious about the market relative to your own property? We’re happy to help, it’s as easy as 1 – 2 – 3.
Leave a Comment
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.