The Neal Estate Team's Victoria Real Estate Market Update for September 2019
by Ron Neal
on Thursday, September 5th, 2019 at 12:38pm.
This August a total of 661 properties were sold in the Victoria Real Estate Board's region which is 11% up from August of last year but a decline of 6% from the previous month. Condominium sales were up 4% from the previous year's 203 units sold and single family home sales were up 15% from last year's 351 sold.
Entry level homes continue to get snapped up quickly when priced appropriately while higher end homes are moving more slowly.
As is typical seasonally the number of new listings coming on through the summer decreased from the busy spring pace resulting in a drop in supply and increasing pressure on the market, especially in the lower end of the market. At the end of August there were 2,838 listings available for sale a 4% drop from the previous month but up 13% from the 2,519 available a year ago.
Prices appear relatively stable with the bottom of the market continuing to edge up and the top of the market slipping down. The MLS Home Price Benchmark for single family homes in Victoria's Core was down about 5% to $847,300 from $888,100 a year ago, also slightly less than July's benchmark value of $858,800. The benchmark for condos in Victoria's Core also rose 3% from $503,600 last August to $518,100 this year, but slightly down from July's benchmark value of $523,400.
With the low inventory and limited availability and the federal government's new First Time Buyer Incentive Program, we anticipate seeing a busy fall market with an increase in new listings coming onto the market and continuing demand from buyers. Hopefully this fall the government will also ease off the mortgage stress test and extend the length of amortizations.
It remains a great time to move up in our market with abundant choice in the higher end and a fast paced market in the lower end. 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.