The Neal Estate Team Victoria Real Estate Market Report for July 2018
by Ron Neal
on Friday, July 6th, 2018 at 11:45am.
As our summer weather has heated up our Victoria real estate market has cooled off. The trend of increasing number of available listings and fewer sales has continued since the beginning of the year transitioning us to a more balanced market with more choice for buyers and fewer properties selling immediately with competing offers. In some parts of the market the supply and demand ratio has shifted to a buyer's market.
There were a total of 708 properties sold in Greater Victoria in June, a decrease of 30% from the 1,008 sold in June of 2017 and 6% fewer than May 2018. The decrease came more from single family home sales which decreased by a third (34.7%) from 2017 while condo sales declined by a quarter (25.1%).
The number of active listings available for sale was up to 2,595 at the end of June, an increase of 35.5% from the 1,915 available at the end of June last year, but still well below the 10 year average of 4,100.
The result of the more balanced market is that properties are staying on the market longer, buyers who were forced to the sidelines in the overheated and under supplied market are now getting an opportunity to participate in the market. Many are anxious to lock in mortgage rates avoiding further interest rate hikes.
Pressure on prices appears to be easing, however, the Home Price Index, the benchmark price for a typical single family home in Victoria's core was up 7.2% to $889,600 compared to $829,600 a year ago. In the same time period the benchmark for Condominiums in the Victoria core increased 15.2% from $430,400 to $493,900.
If you are wondering about taking advantage of this market or you happen to know someone who is, give us a call. For up to date and relevant information for you please call or text us at 250.386.8181 to arrange your free consultation, without obligation of course. We can help you to navigate this year’s spring market, ensuring any purchase and/or sale goes smoothly.
The Neal Estate Team Victoria’s Real Estate Experts “Go with those who know!” www.RonNeal.com
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.