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Victoria Real Estate Market Update – November 2019

Posted by on Tuesday, November 12th, 2019 in Victoria Real Estate News

 

November 13, 2019

The Victoria Fall Market is well under way and the real estate outlook continues to remain strong for the region. Monthly sales numbers are higher than last year and single family home sales improved from last months numbers. Overall prices are down slightly, but mostly for Single Family homes in the Victoria core areas. Outlining markets like the Westshore, that are more affordable, are still experiencing some small price 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 into 2020.

Below are some of the statistics for October 2019:

Listing Inventory:

There were 2643 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2019, a decrease of 6.4% compared to the month of September 2019, but a 6.7% increase from the 2,510 active listings for sale at the end of October 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 619 properties sold in the Victoria Real Estate Board region this October. While it was 0.5 per cent more than September 2019, the October total was also 3.5 per cent more than the 598 properties that sold in October 2018. Single Family home sales increased 10% from a year ago to 318, while sales of condominiums were down slightly from October2018 with 178 units sold. The current trend over the last few months has seen overall sales numbers significantly higher than 2018, and if this trend continues, then the market should remain strong throughout the rest of this year and into 2020.

Average Prices:

Currently, the Multiple Listing Service® Home Price Index benchmark value for a Single Family home in the Victoria Core is $857,700, which is down 2.4% from the October 2018 number of $878,900, and slightly more than the $846,500 average for September, 2019. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2019 was $511,600, which was 1.7% higher than the average price of $503,200 one year ago, which was the same as the September 2018 number. Single family homes have increased in price slightly, but mostly in the Westshore of Greater Victoria. Condo sales should continue to remain stable and active, which will keep the prices stable for the foreseeable future. Also, with continued low interest rates, the overall market should remain strong for the rest of the year and into 2020.

As we approach the end of the 2019, 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

 

I would like to thank all of my clients for helping me achieve Top Realtor status for the Month of October 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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