As we move into August, we typically start to see the real estate market slow down as people prepare to enjoy their last month of Summer holidays. This year, the pressure on the condo market seems to have kept on pace, as we continue to see many multiple offer scenarios on our listings and with our buyers.
“The activity level in the Victoria real estate market continues to be brisk, though we always expect a slowdown in the summer months,” says 2017 Victoria Real Estate Board President Ara Balabanian. “This July, we saw a strong focus on the lower priced end of the market, with condos and townhomes and single family homes listed for under $700,000 in high demand. Many of those properties saw multiple offer situations.”
At the end of July this year, we saw 1,921 active listings, staying even with the amount of current listings in June. As for condos, there were 269 current condo listings in Greater Victoria at the end of July 2017, compared to 281 at the end of last month – we continue to see a steadiness in the condo market as well with properties selling quickly and for top dollar (VREB shows an average of 23 days to sell a condo in July 2017).
“The ten year average for sales in July is just over 700 properties,” adds President Balabanian. “So the numbers from last month illustrate an ongoing demand for homes in Victoria. We anticipated at the beginning of the year that we would see another busy market – without the record breaking numbers we saw in 2016 – and we are seeing exactly that. The surprise has been the low inventory levels, with listings for sale consistently below 2,000. The good news is that compared to the start of the year we have 26.7 per cent more listings on the market, but that supply is still lower than we expected, which puts pressure on pricing and availability.”
Given the current conditions in the condo market, it’s extremely important to work with a real estate agent that is well-versed in everything that a condo purchase entails so that you can be educated and prepared ahead of your dream property coming on to the market.