Following an extremely busy January for us at The Neal Estate Team with substantially increased sales from January the previous year, we were surprised to see report from Victoria Real Estate Board’s that sales were down 10% from the year before. We were expecting a dip in January after the surge of business in the last quarter of 2017 which was linked to the mortgage rule change and buyers rushing to get in before the new rules were in place.
There were just 431 sales for VREB in January including just 118 condos. That’s a 30% drop in condo sales from January 2017 and 10% overall decline in sales. Our team doubled our accepted contracts in January from the previous year with 21 agreements in place for clients of The Neal Estate Team in January. It seems our strategies are leading our clients to fulfilling their real estate dreams!
The supply of new listings remains very low with just 1,051 active residential listings at the time of this writing. The volume of sales is still not representative of the demand which is lagging behind with such limited selection for the buyers who want to buy. The inventory is 1.6% lower than the same time last year.
The limited selection continues to result in upward pressure on prices for some property types, areas and price ranges. For an interpretation of the market relevant to you and your property needs please call or text 250.386.8181, our team is standing by for your complimentary consultation.
The Neal Estate Team
Victoria’s Real Estate Experts
“Go with those who know!”
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.