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Victoria Real Estate Market Update – January 2020

Posted by on Tuesday, January 21st, 2020 in Victoria Real Estate News

 

January 2020:

The Victoria Real Estate market is off to a strong start this year and should remain so throughout 2020. Sales are picking up, listing inventory is down, and the number of local and out of area buyers looking to move into our region is on the rise. This could lead to upward pressures on pricing in the coming months. Interest rates remain low, and the local economic indicators remain strong in our region with continued low unemployment levels in Greater Victoria. This all points toward another strong Real Estate year.

Below are some of the statistics for December and the year over year numbers for 2019:

Listing Inventory:

There were 1952 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2019, a decrease of 18.6% compared to the month of November 2019, and a 1.8% decrease from the 1,988 active listings for sale at the end of December 2018. This low level of inventory is mainly due to the overall increase in the number of sales over the last 2 years, coupled with lower interest rates.

Sales:

A total of 7255 properties sold through the Victoria Real Estate Board this past year, slightly more than the totals in 2018. There were 402 property sales in December, 2019. This was 7.2% higher than the December 2018 numbers. Sales of condominiums were up 17.5% this December compared to December 2018.

Average Prices:

The Multiple Listing Service® Home Price averages for Single Family homes in the Victoria Core finished the year at $855,000, relatively unchanged from November 2019, but slightly down from the $860,400 at the end of December, 2018. The MLS® value for a condominium in the Victoria Core area ended the year at $520,700, up 3.5% from the $503,000 average in December 2018, and slightly higher than the November 2019 value of $517,000. As a result of the strong economy, low interest rates and low listing inventory, overall prices should remain stable or increase somewhat in 2020.

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 December 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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