The real estate market in Victoria generally remains significantly undersupplied. This despite a strong sellers’ market despite the change of government, continuing threats of foreign buyers tax, crack down on vacation rentals and rising interest rates. With still fewer than 2,000 active listings at the end of June 2017 and more than 1,000 sales for the month, we have less than a two month supply of homes for sale. The result is continuing upwards pressure on prices, competing buyers with multiple offers in areas and property types in the highest demand.
There were 1,008 properties sold in June 2017 which was 14% fewer than the 1,174 in June of 2016. This is still tracking more than 20% above the ten year average sales volume of 798 sales for June. The number of active listings (which includes those under contract with subject conditions not yet removed) was just 1,915 at the end of June, also still 16% less than last year when there were 2,289 at the same time. Although still very low, inventory has been rising gradually since January when we reached a low of under 1,000 active residential listings.
The sustained low inventory has led to price increases in virtually all property types, areas and price ranges over the past year. While there are significant variations for each, the benchmark price for a typical single family home in the Victoria Core has increased 15% from $721,000 to $829,600 over the past year.
If you are considering selling now or in the near future, please contact us for a complimentary personal consultation. Our area specialists are please to advise on preparing for sale, timing and probable sale price estimate. We are probably working with a qualified buyer for your home right now! Call us at 250.386.8181 or visit us at RonNeal.com
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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.