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

Posted by Ron Neal on Monday, July 8th, 2019 at 4:02pm.

Following historically normal trends, the volume of new listings and sales appears to have peaked in May with our spring market. 

There were a total of 740 properties sold in the Victoria Real Estate Board in June, that's 4.5% more than the 708 sold June of last year but 12.7% fewer than the previous month. The number of condos sold decreased 6% to 216 while single family home sales increased 10% over June 2018 with 394 sold.  At the end of June, there were 3,040 listings available for sale, an increase of less than 1% over the previous month but up 17% from the 2,595 available at the end of June 2018.  

The market is much more balanced overall now than it has been for a few years with an overall approximate 4 month supply. This balance of supply and demand varies considerably by area, property type, and price range. This is evidenced by the different momentum of the VREB Home Price Index for Single Family Homes in Victoria's core which have been steadily declining over the past year while condo prices have continued to increase. The benchmark for single family homes was $859,600 for June, down slightly from $860,800 in May and down 4% from $898,500 in June of 2018. The benchmark for a condo in June 2018 was $509,000 and increased 3% to $524,100 this June, also up from $519,300 last month.

Correctly presented properties are continuing to sell well, our team more than doubled our sales this June compared to June of last year. There are abundant opportunities depending on your area, property type and price range, especially for move up buyers. Please contact us for a free consultation with a Neal Estate Team Area Specialist.  

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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