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

The trend to a balanced market continued through August with a further decline in sales to just 594 properties sold in the Victoria Real Estate Board in August, a decrease of 8.8% from the 651 sold in July and 19.3% fewer than the 736 sold in August of 2017.

The overall supply of active listings increased to 2,519 at the end of August, 31.4% higher than the 1,917 available at the same time last year.

There are significant differences among various price ranges, property types and neighbourhoods with continued limited selection below $750,000, 30% fewer available than this time last year and increasing availability above $1,500,000 where selection has more than doubled.

The VREB Home Price Index indicates that benchmark values of single family homes in Victoria's core are up 6.9% from $830,800 last year to now $888,300. In the same time condos in Victoria's core increased 10.8% to $503,000 from $453,900 last year.

A closer look shows a more recent slight downturns in values for both single family homes and condos indicating that the many government measures intended to slow the market and reduce prices are beginning to have the intended effect.

It's 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 250.386.8181 to 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