Victoria Real Estate: July 2019

Victoria Real Estate July 2019

Summer is officially here and we’re seeing the strength in the market continue from Spring to Summer. Sales are up for Victoria Real Estate July 2019 (706 sales) compared to July 2018 (651). Overall inventory has decreased slightly since last month (down by 3%), however we’re still seeing a 13% increase over last year with 2,949 active listings for sale at the end of July 2019.

“It’s not surprising to see the numbers trending slightly upwards compared to last year as the market slowly adjusts to government changes like the B20 mortgage stress test and the continuing low mortgage interest rates,” says Victoria Real Estate Board President Cheryl Woolley. “Activity feels more normal now – more like before the real estate market in Greater Victoria saw the huge uptick in 2016 and 2017. It is a good time to buy and sell as consumers have more time to work with their REALTORS® and make decisions. We’ve seen a little more inventory added to the market compared to last year, which means more choice for buyers.”

Condos in Victoria

We’ve seen a larger increase in condo sales (14.4% over July 2018) compared to the overall market (8.4% over July 2018).  Although condo sales were down compared to June, it was only by 0.5%. The benchmark value for a condo in the Victoria Core remains steady and is still seeing an increase over last year (3% higher).

Although the average sale price remains steady, properties continue to take longer to sell, with an average of 42 days on the market compared to 35 days in June 2019. Overall condo inventory continues to increase since last year, by 47%, matching the overall market trend in Victoria, so there is still more for condo buyers to choose from!

Looking Forward

“July’s statistics show that our region’s housing market continues to be fairly active, despite many people being in summer vacation mode,” adds President Woolley. “Realtors continue to report strong interest in entry level homes as well as properties that are competitively priced. High end home pricing is softer, but $1.5 million dollar plus homes account for only 4.6 per cent of the total market.”

To read the full Victoria Real Estate July 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