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The Neal Estate Team Victoria Real Estate Market Update for February 2019

Posted by Ron Neal on Thursday, February 7th, 2019 at 12:40pm.

Feb enewsOur report has been somewhat repetitive over the past few months with the continuing trend of fewer sales and more listings for sale. We are starting to see price declines across most property types, areas and price ranges.
Last month there were 329 properties sold in Greater Victoria, 24% fewer than the 431 sold in January of 2018 and also 12% fewer than December. Condo sales were down only 6% while single family sales were down 29% from the previous year. Last year in January the numbers were already down significantly from the prior year due to the introduction of the new mortgage stress test. Sales levels are now significantly below the 10 year average.

The supply of active listings available for sale in the VREB at the end of January 2019 rose 38% to 2,057 from just 1,491 listings the same time the year before but continues to be well below the 10 year average.
With a 6 month overall supply now, the balance of supply and demand has generally shifted significantly and now favours home buyers . 
In the Victoria Core, the MLS Home Price Index Benchmark for a single family home at the end of January 2019 was back down to $847,800, within 1% of the $840,100 it was at a year ago. This after a bit of a roller coaster ride peaking at $898,400 in June 2018 and sliding to $858,600 in December 2018. That's a 6% decrease from last year's peak in June.
The impact of government intervention through new and increased taxes, mortgage rules and lender policies have definitely slowed the market and brought prices down. Unfortunately the economic consequences are counter productive to making housing more affordable and accessible.
We are seeing many prospective sellers take a wait and see attitude while some take steps to urgently exit the market. Many buyers, especially those who wish to both buy and sell, are now participating in the market after having been pushed to the sidelines unable to compete when the market was a feeding frenzy of over asking, high risk, condition free offers. This is a great market to move up (or down) in.

Buying and/or Selling, we are happy to assist. Please email call or text us at 250.386.8181 for FREE consultation and advice, there is no obligation of course!

P.S. Ask us about our new home sellers program, Your Home Sold in 30 Days...Or We Sell it *FREE! Click HERE for Free Market Value Estimate!

The Neal Estate Team
Vancouver Island's Real Estate Experts
“Go with those who know!”
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The Neal Estate Team

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. 

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