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Victoria Real Estate Market Update – October 2018

Posted by on Friday, October 19th, 2018 in Uncategorised

The Victoria real estate market continues to stabilize as we enter the fall market and should continue to do so throughout the remainder of 2018. Prices
have dropped slightly from the month of August and may continue to drop a bit further as the year progresses. Currently, the average price for a Single
Family home is sitting at about $883,700, down slightly from the peak price this past August of $888,300.

September sales numbers were down again from a year ago, and this trend is continuing into October, resulting in a higher overall listing inventory with about 2646 properties listed for sale on the lower Island compared to about 1976 this time a year ago. This gives Buyers more choice and is a welcome change to the market.

As a result, Buyers are now in a much better position compared to earlier this year. Multiple offers have slowed, and most areas have more choice of homes
on the market, and the buyers can make their buying decision without feeling pressured. However, some of the high demand neighbourhoods still have little inventory resulting in multiple offers and bidding wars, especially if these homes are well priced and show well to the public.

Overall, Victoria is still a good market for Sellers, but the higher listing inventory has resulted in a more balanced market, so Sellers homes need to be priced correctly or they will be
overlooked by the Buyers. Especially if interest rates continue to rise this fall, which will result in fewer buyers and sales, and further increased inventory, which in theory, would lead to further price drops.

In the meantime, have a great start to the fall, and if you or any of your friends or relatives require any real estate related information or assistance please call or contact me through my website: www.dalesheppard.com. I look forward to hearing from you soon.

Check out all of the Latest Greater Victoria Real Estate Statistics

Click here for List of Upcoming Open Houses in Greater Victoria

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