Victoria Real Estate: August Statistics
The Victoria Real Estate Board has released the August statistics in the Greater Victoria Real Estate market. We’re continuing to see overall sales slow down (19% fewer properties sold in August 2018 compared to 2017), however condos saw a much smaller slow down with only a 5% decrease in sales over last year. It looks as if we’ll be returning to an overall balanced market, however it does still depend on which pocket of the market you’re in!
“Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market,” says Victoria Real Estate Board President Kyle Kerr. “Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000. Thirty per cent fewer homes this year were listed for sale at $750,000 or less than in the year previous, which means there is still pressure on lower priced homes in the Core and other popular areas. We do see a levelling out of prices month-over-month which is one factor helping to slowly return us to a more balanced market.”
“Many demand-side measures were introduced this year – including a stress test on mortgages – which altered many buyers’ purchasing power,” adds President Kerr. “These new policies are having the desired effect of slowing the market, though it is likely that over time the market will normalize these changed conditions. Our strong local economy and high employment rates may bolster demand into the fall as people return to work after their summer vacations. Fall numbers will be an interesting indicator of our year to come as we continue to track low home inventory in a changing marketplace. For an up-to-the-minute understanding of your local market as fall sales unfold, connect with your local REALTOR®.”
As for condos, we’re still seeing a 12% increase in average selling price over August 2017 but the average time to sell has gone up from 22 days to 35 days. Properties are still selling, but they’re not ‘flying off of the shelves’ as they were in the ‘2016-2017 market craze’.
To read the full real estate August statistics report from the Victoria Real Estate Board, check it out here.
If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group Real Estate for expert insight and advice at 250-382-6636.
— Amy Francoeur