The Neal Estate Team's Victoria Real Estate Market Update for May 2019
by Ron Neal
on Friday, May 3rd, 2019 at 3:30pm.
There were a total of 696 properties sold in April of 2019, a decline of 10% from last year's 774 total and up seasonally 9% from the previous month. Single-family home sales were down 12% from the previous year and condominium sales were down 8.8%.
The number of listings available for sale continued to edge upwards to 2,751 at the end of April 2019, an increase of 13% from the previous month and 37% more than the 2,002 at the end of April 2018.
While balanced overall from a general perspective with a 4 month supply of listings relative to sales, the market continues to be undersupplied in the lower end of the market with multiple competing offers common under the 750k mark. The higher end is experiencing a very different market, for example over $2 Million there are presently 203 active listings and just 6 properties were sold in April. That equates to a 3 year supply! Compare that to the 546 available under 500k and 212 sold in April! Less than a 3 month supply!
These market variations are the ongoing consequence of taxes designed to discourage investment, government mortgage rules together with lender policies. I believe we can expect to continue to see pressure on the bottom end of the market with buyers competing for listings while the reverse is true in the upper end with sellers competing for buyers interest.
There are abundant opportunities depending on your area, property type and price range. Please contact us for a free consultation with a Neal Estate Team Area Specialist.
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.