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

Posted by Ron Neal on Wednesday, October 9th, 2019 at 1:30am.

The trend continued in September with the top end of the market oversupplied and moving slowly and the opposite true with the bottom end. Overall a stable market with relatively balanced supply and demand.
 
The 616 properties sold in September 2019 was a 7% drop from August but up 16% from the 533 sold in September of 2018. The increase in sales over last year all came from condos and townhomes with 48% more sold this September than last.
 
The number of listings available for sale at 2,823 was unchanged at the end of September from the month before and up 7% from the 2,646 available at the end of September 2018.
 
The overall balance of supply and demand is also evident with almost no change to our Home Price Index from the previous month. Compared to a year ago the benchmark for Single Family Homes in Victoria's Core was down 3.6% from $878,500 to $846,500 while condos crept up 1.6% from $503,600 a year ago to $511,600 September 2019, slipping slightly from August's peak of $518,200.
 

Correctly presented properties are continuing to sell well. There are abundant opportunities depending on your area, property type, and price range, especially for move-up buyers. Please contact us for a free consultation with a Neal Estate Team Area Specialist.  

P.S. Ask us about our new home seller programs for INSTANT OFFER or 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

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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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