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Victoria Real Estate Market Update – August 2019

Posted by on Tuesday, August 27th, 2019 in Victoria Real Estate News

 

August 2019 Blog

The summer real estate market continues to remain strong this year. The weather has been great, and lots of buyers continue to arrive from different parts of Canada to explore their Greater Victoria buying options. Prices continue to hold steady, and sales are continuing to trend upward. Interest rates remain low, which is one of the main reasons that the market is so active. The higher priced homes still need to be priced correctly or they will sit on the market longer, but the lower segment of the housing inventory is very active. Overall, sales should keep moving in a positive direction throughout the rest of the summer and into the fall, and a more balanced market will continue for the foreseeable future.

Here are some of the statistics for July 2019:

Listing Inventory:

There were 2,949 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2019, a 13 per cent per cent increase from the 2,607 active listings for sale at the end of July 2018, but a 1 per cent decrease from last month. While still higher than a year ago, the current levels are below the 10 year average. 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 706 properties sold in the Greater Victoria region this July which was surprisingly 8.4 per cent higher than the 651 properties that sold in July 2018. This is the third month in a row where sales have surpassed the previous years monthly totals. However, compared to June of this year, the sales numbers were down 4.6%.

The sales of Single Family homes totalled 347, which was up 2.1 per cent from July 2018. Condominium sales totalled 215, which was 14.4 per cent higher than July 2018, but about the same as June 2019.

Average Prices:

Currently, the average price for a Single Family home in Victoria is sitting at $858,800. However, overall prices are down by about 3.4 per cent from the same time a year ago. The monthly average had peaked at $898,500 in June 2018, and has since dropped slightly almost every month, with prices averaging $858,800 in July, 2019, down 3.4% from the $889,200 average in July, 2018.

Average condo prices are sitting at $523,400, 3% higher than the $508,300 average in July, 2018, but slightly lower than June 2019, which was at $524,100. 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.

As summer starts to wind down, I hope you get a chance to enjoy the these last few weeks of great weather with friends and family!

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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