The Neal Estate Team's Victoria Real Estate Market Update for March 2019
by Ron Neal
on Thursday, March 7th, 2019 at 4:59pm.
This is getting repetitive, but again sales are down and listings are up. That's more than 12 consecutive months now of fewer sales and more listings than the previous year.
In February there were a total of 421 properties sold in the Victoria Real Estate Board (Sidney to Sooke to Oak bay to South of Duncan AND the Gulf Islands), that's 23% fewer than the 545 sold in February 2018 but an encouraging and seasonal increase of 28% more than in the month before, January 2019. Condo sales were down 26% from the previous year with 129 sold, also up 16% from the previous month. Single family home sales were down 16% from the previous year with 219 sold.
The supply of active listings available for sale remains historically low but has been steadily increasing each month relative to the previous year, for about the past year. At the end of February 2019 there were 2,131 active listings available for sale, up 3.6% from the end of January and 38% from the 1.545 available at the end of February 2018.
That ratio of listings to sales equates to an overall 5 month supply which would generally be defined as a balanced market. Quite a shift from the 2 month supply of this time last year! The numbers vary considerably by property type, area and price range. i.e last month in the City of Victoria there were 7 condos sold (without rental restrictions) and just 15 available, a 2 month supply. While in North Saanich there was just 1 single family home sold for over $1,500,000 and 26 available for sale...more than a 2 year supply!
The Victoria MLS HPI home price benchmark for single family homes in Victoria's core has now dropped slightly below the value for this time last year to $845,900 at the end of February 2019 from $848,600 in February 2018. This after a wild ride increasing and peaking at $898,400 in June 2018. Condos have not had the same experience with HPI values increasing 4% from $483,700 at the end of February 2018 to $502,800 at the end of February 2019, also up from $499,700 in January 2019.
After an unusually cold and snowy February which also impacted sales for the month, warmer Spring weather and a busier market seems to be building momentum. While many buyers and sellers are on the sidelines waiting and watching for the market to go down or up, there are buyers who are taking advantage of the more balanced market and making moves that could not comfortably or practically be made when there were no listings available to move to or offer on without significant competition. Those competitive days are not entirely gone, well priced listings are still selling quickly and sometimes with multiple competing offers over asking price.
As always, the market varies considerably by neighbourhood, property type and price range. Buying and/or Selling, we are happy to assist and advise. Please contact your Victoria and Vancouver Island Real Estate Experts, email RonNeal@REMAX.net call or text us at 250.386.8181 for FREE consultation and advice, there is no obligation of course!
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.