The Neal Estate Team's Victoria Real Estate Update for December 2019

There were a total of 577 properties sold in the Greater Victoria area of the Victoria Real Estate Board this November, up 15.9% from November last year when 498 properties sold, but seasonally down 6.8% from October 2019. Condo sales were up 5.9% compared to last year with 161 sales, as were single family home sales with 308 units being sold, a 15.4% increase!

The total listings available for sale on the Victoria Real Estate Board Multiple Listing Services dropped seasonally 9.6% this November compared to the previous month with 2,397 properties listed. This is a 2.3% increase compared to November 2018.

The market is still generally stable now and there are continuing significant differences in activity depending on area, property type and price. The lower end of the market is still generally undersupplied with competing offers when the property is marketed and priced appropriately. On the other hand, properties in the higher end are often sitting on the market. More specifically, last month there were a total of 490 sales under a million and just 82 over a million. That from an inventory of 1,273 listings under a million and 548 over a million. That's a 2.6 month supply under a million and a 6.7 month supply over a million.

Evidence of a balanced market is supported by the Home Price Index with the benchmark price of a single family home at $855,400, decreasing only 1.2% compared to November 2018. Condos at a benchmark price of $517,000 increased 3.1% compared to the $501,300 Benchmark price of November last year.

Correctly presented properties are continuing to sell. There are abundant opportunities depending on your area, property type, and price range, especially for moving-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!