Victoria Real Estate: January 2019
Real Estate in Victoria
After the first month of the year, we’re able to evaluate Victoria Real Estate in January 2019. We’re seeing the slow down of sales continue, and inventory is rising with more homeowners deciding to list their property than in the past couple of months.
Overall in Greater Victoria Real Estate, we saw a total of 329 properties sell in January (24% fewer than January in 2018). However we saw a total of 2,057 active listings at the end of January this year, a 38% increase from 1,491 active listings at the end of January of last year.
“It’s already an interesting year for local real estate. REALTORS® are keeping busy showing homes and writing offers, however actual sales are slower than we would expect in an average January,” says 2019 Victoria Real Estate Board President Cheryl Woolley. “There are many reasons consumers are hesitant to purchase “For instance, changes to mortgage lending rules have decreased the amount of funds buyers can qualify for by up to twenty-five per cent. In turn, some consumers are re-evaluating their expectations and looking at condos and townhomes rather than single family homes; or they are looking at single family homes further outside the core. As well, many buyers appear to be waiting for new inventory to open up, while sellers are watching the market closely to see what their homes are worth and what the spring market may bring.”
Condos in Victoria
While overall sales were down 12% from December to January, condo sales were up by almost 8%. In the past month we’ve still continued to receive multiple offers on some of our listings, showing that the right property at the right price, with the right marketing, is still highly sought after. However, the average days to sell have increased to 48 days, compared to 23 days in January of 2018. That being said, the overall market is moving at a different pace, typically giving buyers more time to make decisions, and find the right property. See our video blog for our 2019 market predictions.
“Over the past few years, demand in Greater Victoria has outstripped supply, putting upward pressure on pricing. While many of the new developments proposed for our region are being built for much needed rental and social housing units, it will provide little relief for buyers who are caught in the pinch between tougher lending rules and higher prices,” adds President Woolley. “Moving forward, we anticipate continued interest in our region as people gravitate towards our mild climate, beautiful amenities and the lifestyle Greater Victoria offers.”
To read the full real estate January 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