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Victoria Real Estate Market Update – July 2019

Posted by on Thursday, July 18th, 2019 in Victoria Real Estate News

 

July 2019 Blog

The summer market has been very active in Victoria. July is usually a good time for us realtors to take a break. However, this July has been full steam ahead. Sales are tracking at close to 2018 levels, and prices seem to be holding steady. The current overall listing inventory is higher than a year ago, with about 1 in 5 homes selling per month. If properties are priced to high, they will just sit until the price is reduced to a realistic number. Prices need to be sharp to attract offers.

However, the low interest rates, which are expected to stay down for the balance of this year, should keep the market moving in a positive direction throughout the rest of the summer and into the fall. Overall, the market is in a more balance one compared to the previous few years.

As I indicated in my last months update, our great local climate and excellent livability rating will keep the demand for real estate high in our region for the foreseeable future.  People from all over the world and other parts of Canada continue to want to move to our beautiful city.

Here are some of the statistics for June 2019:

Listing Inventory:

There were 3,040 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2019, a 17 per cent per cent increase from the 2,595 active listings for sale at the end of June 2018, but only 1 per cent higher than last month. While still significantly higher than a year ago, the current levels are well below the 10 year average of about 3900 at this time. This should result in a continued balanced market for buyers and sellers throughout most of this year and continued strong activity on the lower end of the market.

Sales:

A total of 740 properties sold in the Greater Victoria region this June which was surprisingly 4.5 per cent higher than the 708 properties that sold in June 2018. This is the second month in a row where sales this year surpassed the previous years monthly totals. Typical for June, these numbers were 12% lower than the May 2018 sales numbers.

Sales of single family homes totalled 334, which was up 10 per cent from June 2018. Sales of condominiums were down 6 per cent from June 2018, with 216 units sold this past month. The sales numbers should remain stable this summer, but the overall annual numbers are on track to finish slightly below 2018 levels.

Average Prices:

Currently, the average price for a Single Family home in Victoria is sitting at $859,600, down slightly from the average price of $860,800 at the end of May, 2019. However, overall prices are down by about 4.3 per cent from the same time a year ago. The monthly average had peaked at $898,500 in June 2018.

Average condo prices are sitting at $524,100, slightly higher than a year ago which was $509,000, and 2.97 per cent higher than May, 2019 which was at $519,300. While these condo prices are up from one year ago, they have not changed much in the last 6 months and should remain relatively unchanged in the coming months.

Have a great Summer!

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources

Click here for List of Upcoming Open Houses in Greater Victoria

 

I would like to thank all of my clients for helping me achieve Top Realtor status for the Month of June for RE/MAX.

I couldn’t have done it without you allowing me to represent you with your Real estate sales and purchases.

 

 

 

 

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