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The Neal Estate Team's Victoria Real Estate Market Update for August 2019

Posted by Ron Neal on Thursday, August 8th, 2019 at 1:01pm.

As summer arrived, sales declined slightly in Greater Victoria with 4.6% fewer sales in July than in June, however, the 706 sold was up 8.4% from July of last year. Condominium sales in July 2019 were up 14.4% from the same month last year while sales of single-family homes were up only 2.1%.
 
For the first time in about a year, the number of active listings for sale in the Victoria Real Estate Board area decreased 3% from over 3,000 to just 2,949 at the end of July, but still 13% more than in July 2018.
 
Although some listings are sitting and getting little attention, other well priced new listings are continuing to sell quickly and often with competing offers. This is particularly noticeable in the lower end of the market.
 
It seems that the lower end of the market remains undersupplied with competition from first time buyers, investors and those downsizing from larger homes. 
 
This continuing pressure on the bottom end of the market continues to edge prices up in the bottom end while they have slipped down some in the top end. This shows up with the VREB Home Price Index which indicates that the benchmark for a condominium in the Victoria Core area increased by another 3% to $523,400 from $508,300 in July last year while the benchmark value for a single-family home in the Victoria Core slipped from $889,200 in July 2018 by 3.4% to $859,600 in July 2019.
 
In my view, this convergence of the bottom coming up and the top coming down is creating the best timing and opportunity to move up in our market that we have seen in years!
 

The market and opportunities vary considerably depending on area, property type and price range. 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!”
www.RonNeal.com
www.HomesOnVancouverIsland.ca
*Some conditions apply

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The Neal Estate Group 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 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 

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