While the summer weather has heated up the real estate market is generally cooling off. In July the trend of increasing listings available for sale and fewer sales continued with just 651 properties sold a decline of 17.6% from the 790 sold in July 2017. The number of listings available for sale was up to 2,607 at the end of July from 1,921 at the end of July last year.
Overall the proportion of listings available for sale relative to the number selling represents a balanced market with four month supply. Looking a little closer at specific property types, neighbourhoods and price ranges quickly reveals that there are significant differences in various parts of the market. For example under $750,000 in Victoria's core there are currently only 347 residential properties for sale including single family homes, strata duplexes, townhomes and condos. In July 189 sold, less than a two month supply. Over $1,500,000, the high end market is very different with just 17 sold in July of more than 206 available for sale, more than a 12 month supply.
The results we're observing in these varied markets are continuing limited choices and resulting upward pressure on prices in the lower end, particularly in the core. In contrast, the higher end and luxury market is offering more selection and less competition for buyers. This market presents excellent opportunities for move up buyers.
The Victoria Real Estate Board Home Price Index for Single Family homes in Victoria's core for July was up 5.5% from $834,200 to $880,000 but slightly down from $889,600 the previous month, June 2018. The Victoria MLS HPI for condominiums in Victoria's core were also up to $495,600, 12.1% more than July of 2017 and unchanged from $496,100 the previous month.
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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.