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

Posted by Ron Neal on Tuesday, June 11th, 2019 at 9:19am.

As expected we experienced significant seasonal increases in both properties listed and properties sold in the month of May compared to both the month before and May of 2018.

The 848 properties sold in May of this year was 10% more than May of last year and a 22% jump from the previous month. Of the properties sold, 246 were condos, an increase of 2% over May 2018.  There were 448 single family homes sold, a 10% increase over last year. and town homes sales were up 27% with 98 sold this year.

The number of active listings continued it's climb to a 3 year high of 3,019 at the end of May, up 10% from the previous month and 26% higher than the 2,394 active at the end of May last year. Also notably higher than the low of 1,896 in May of 2017. Although the number of active listings has been trending up for two years, we are still below May's 10 year average of 3,838 active listings.

Prices continue to move in different directions for varying property types, price ranges and locations. The Home Price Index Benchmark for single family homes in Victoria's core was at $886,200 in May 2018 and reached a peak of $889,600 in June last year. In April of this year the index was down to $843,500 and last month bounced back to $860,800. Unlike single family home prices, the MLS HPI Benchmark for condos in Victoria's core continued to rise over the past year to $519,300 last month, up 2.6% from  $506,100 in May of 2018 and $512,700 the previous month.

The pressure continues on the lower end of our market with pressure from first time buyers, investors and newcomers to our marketplace while the upper end is lacking demand thanks to the government policies and taxes intended to have the opposite impact.
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
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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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