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Victoria Real Estate Market Update – October 2019

Posted by on Friday, October 11th, 2019 in Victoria Real Estate News

Oct 10, 2019 

The Victoria Fall Market is under way and the real estate outlook remains positive for our region.  

Monthly sales numbers are higher than last year with Condos and Townhomes leading the packOverall prices are down slightly, but mostly for Single Family homes in the Victoria core areas. Outlining markets like the Westshore, that are more affordableare seeing stable pricing and in some cases, small increases. The desirability of Greater Victoria overall and the low mortgage rates available to buyers should keep our market busy through to the end of this year and beyond 

Below are some of the statistics for September 2019: 

Listing Inventory:    

There were 2,823 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2019, a decrease of 0.5 compared to the month of August 2019, but a 6.7increase from the 2,646 active listings for sale at the end of September 2018. While the listing inventory is slightly up from a year ago, this increase should not affect the current balanced market through the rest of this year, especially if the monthly sales continue to track higher than 2018’s numbers. 

Sales:

A total of 616 properties sold in the Victoria Real Estate Board region this September. While it was 6.8 per cent fewer than August 2019, the September total was 15.6 % more than the 533 properties that sold in September 2018Single Family home sales dropped slightly from a year ago while sales of condominiums were up 48.3% from September 2018 with 221 units sold. The current trend over the last few months has seen sales numbers significantly higher than 2018, and if this trend continues, then the market should remain strong throughout the rest of this year. 

Average Prices:

Currently, the Multiple Listing Service® Home Price Index benchmark value for a Single Family home in the Victoria Core is $846,500, which is down 3.6% from the September 2018 number of $878,500, and slightly less than the $847,300 average for August, 2019. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2019 was $511,600, which was 1.6% higher than the average price of $503,600 one year ago, but down from the August 2018 number of $518,100. Condos sales should continue to remain active, which will keep the prices stable. Also, with continued low interest rates for the foreseeable future, the overall market should remain strong for the rest of the year and into 2020.  

As we approach Thanksgiving Long Weekend, I hope you get a chance to enjoy some good quality time with Family and Friends. 

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

 

 

 

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