The Neal Estate Team's Victoria Real Estate Update for January 2020

December 2019 ends a relatively flat year for home sales with 402 properties sold, 7.2% up from sale volume in December 2018 and down 30.3% down from the previous month. Compared to December last year, single family homes sales volume rose 13.8% with 198 units being sold; condos rose slightly more with 17.5% and 121 units sold.

This year’s total properties sold came in a little bit under the 10 year average at 7,255 properties sold (the 10 year average being 7,413 sales per year). 2019 total sales were up 1.47% up from 7,413 properties sold in 2018.

There were 1,952 active listings available at the end of December in the Victoria Real Estate Board area, down 1.8% from the end of 2018 and down 18.6% from November 2019.

Supply remains a key consideration in our market, especially on the low and middle end. The high end of the market, over $1,500,000 is still soft and those properties are sitting on the market longer. The year began with discussion about new rules and taxes in Real Estate instated by the federal and provincial government. The most impactful change in 2019 was the tightening mortgage lending rules which resulted in a decrease in buyers borrowing power. For now, it would seem that 2020 will have a growth of pressure in the lower end of the market, especially townhomes and condos, as buyers will no longer be able to afford as much as they could before the rule changes.

The MLS Home Price Index (HPI) benchmark value in December 2019 for a single family dwellings (SFD) in the Victoria Core was $855,000, slightly less than November 2019 benchmark value of $855,400. December 2019 SFD benchmark value was also down from December of the previous year which had a benchmark value of $860,400. This years HIP benchmark value for condos in Victoria Core was $520,700, compared to $503,00 in December 2018 and $517,000 in November 2019.

Its that time of year that you should have received your property value assessment notice. It is important to note that that BCAA value reported was effective July 1, 2019. It is also important to note that your BC Assessment value seldom reflects current/accurate value due to the fact that they do not reinspect the property and are often unaware of updates or other factors. If you feel the reported value on your property is inaccurate and would like it reviewed to be increased or decreased, you have until January 31st to contact BCAA and initiate a review. We are happy to provide area sales information to support your appeal. You can find your property tax assessment here!  To receive information and updates on current listings and recent sales in your neighbourhood, including the sold prices, click here or call us for assistance.

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!

The Neal Estate Team
Your Victoria & Vancouver Island Real Estate Experts
“Go with those who know!”
www.RonNeal.com
www.HomesOnVancouverIsland.ca