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The Neal Estate Team's Victoria Real Estate Market Update for October 2018

Posted by Ron Neal on Thursday, October 11th, 2018 at 8:21pm.

The downward trend for real estate sales in Greater Victoria continued with a total of just 533 sold in September 2018, 16% fewer than the 640 sold last September 2017 and 10% fewer sales than last month, August 2018. This is contrary to the typical seasonal increase in sales after summer. 

 
At the same time the upward trend with our supply of listings available for sale continued with 2,646 for sale at the end of September 2018, 5% than the month before and 34% more than the 1,976 available at the end of September 2017.
 
This apparent balanced level of supply and demand means we now have a 5 month overall supply of listings available for sale. Of course as reported in previous months, there are significant variations in the proportion of listings available for sale and selling by area, property type and price range. For example supply remains limited and pressure high on condos in downtown Victoria under $500,000 where 17 sold in September and just 25 are currently available for sale, just a 6 week supply compared to 11 sold of 157 available for sale, a 14 month supply of luxury homes offered for sale over $2,000,000
 
With this overall return to a balanced market statistically we are seeing relative price stability with no change from the previous month with the Victoria Real Estate Board Home Price Index for downtown condos of single family homes in the region although both are up from a year ago with the benchmark for single family at $883,700, up 6.2% from $832,000 a year ago and the index for condos in Victoria's core at $503,000, up 9% from $457,700 a year ago.
 
The many government measures introduced to slow our market have had their impact. Rent controls were also recently revised with previously announced maximum rent increase for 2019 of 4% reduced to 2.5%. The very controversial Speculation tax is scheduled to come before government now during the fall session of the BC legislature.  
 

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 250.386.8181to 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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