Ron's Victoria Real Estate Market Update for November 2015

The weather may have cooled off but our real estate market hasn’t. The trend of increased sales and decreased listings continued through November with sales up again over the same month last year from 465 in 2014 to 573 in 2015, a 23.2% increase. At the same time the number of listings available dropped to only 2,952 at the end of November, down 18.7% from the 3,631 active listings at the end of November 2014.

Our key indicator, the ratio of listings to sales edged up slightly to just over a 5 month supply, continuing to indicate a “seller’s market” with upward pressure on prices. The Victoria Multiple Listing Service “Home Price Index” shows a 9% increase from November of last year in the benchmark value of a single family home to $608,600 from $558,600 last year. It’s important to note that this trend is not replicated in all areas, price ranges and property types, that there are varying levels of interest, activity, demand and price shift in the many micro-markets throughout Greater Victoria.

For information relevant to your own neighbourhood and an interpretation of the current market, register for our Market Snapshot and receive details on recent sales and listings in your area, or contact The Neal Estate Team for a FREE personal consultation at 250.386.8181!