Real Estate in Victoria – November’s Stats are Available!
The time has come: it’s officially holiday season! This typically means the market activity will slow, as everyone starts to focus on things other than real estate in Victoria. So, stay tuned next month for an update on the market during the holidays. As for November, again, we’ve seen a huge increase in total sales from November 2014 (465) to November 2015 (573), a 23% increase over one month! New listings also up from November 2014 (682) to November 2015 (747); however, the total inventory of active listings is still down, with 3,631 active listings last year compared to 2,952 this November. We’re definitely still looking at a “Seller’s Market” leaving buyers with little choice in inventory and sellers with an upper hand for the time being in real estate in Victoria.
Now, what you’ve all been waiting for, the condo-related news!
As for condo-related highlights in real estate in Victoria, we saw 159 condo sales in November 2015, up from 120 in November 2014. The Condo Group had 14 condo sales last month, representing almost 10% of the condo sales in our real estate board of over 1,000 real estate agents! The average number of days to sell a condo last month was 62 days rather than 68 days in November 2014. (NOTE: The Condo Group’s average days to sell a condo in November 2015 was 41 days!)
For a full consumer statistics report, click here: http://www.vreb.org/ current-statistics
Something important to remember, as said by our Victoria Real Estate Board President, Guy Crozier:
“There are real estate microclimates in Victoria. Different areas have different levels of demand and ability to meet that demand. Though properties are selling everywhere, what to expect in terms of value and time to sell may differ depending on your area and the type of property. Now more than ever it’s important to work with a REALTOR® to understand the market and track the activity.”
– Amy Francoeur