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The Neal Estate Team Victoria Real Estate Market Update for November 2018

Posted by Ron Neal on Friday, November 9th, 2018 at 4:47pm.

>November marketLast month we saw a small normal seasonal increase in sales over to 598 sold over the 533 sold in September, but down 10% from the 664 sold in October last year. There were 15% fewer condos and single family homes sold in October compared to October of the previous year.

 

The supply of homes available for sale was up to 2,510 actively for sale at the end of October, that's 32% higher than at the end of October last year.

 

The simple overall math is that we now have a 4 month supply which suggests a "balanced market". A closer look shows significant differences in this "balance" in different areas, property types and price ranges. Some continue to be relatively under supplied with competing bids while others are seeing almost no activity and significant downward pressure on prices for those anxious to sell.

 

Increasing mortgage rates, new mortgage stress test introduced in January, new rules for real estate introduced on June 15th together with our welcome to BC Foreign Buyer and Speculation Taxes have taken the wind out of the sales for our market.

 

Like you I don't have a crystal ball, however, it appears to me that the government's intention to quieten the housing market and to bring prices down is beginning to come to fruition. I personally predict that we will continue see our market moving towards more of a Buyer's market, accelerating in the new year, with anxious sellers competing for fewer buyers.

 

It remains a great market to move up in with strong demand in the bottom end and increasing selection in the higher end. If you're curious about options and considering taking advantage of this market, or you happen to know someone who is, please give us a call. For up to date information relevant to you, please call or text us at 250.386.8181to arrange your free consultation, without obligation of course.

The Neal Estate Team
Victoria’s Real Estate Experts
“Go with those who know!”
www.RonNeal.com

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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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