Victoria Real Estate: November 2019
Victoria Real Estate November 2019
As we approach the end of the year, sales for Victoria Real Estate are observed as steadily rising this November 2019 in comparison to last year’s report.
Steady sales increase for the Victoria Real Estate this November 2019 (577 properties sold) compared to November 2018 (498). In addition, overall inventory continues to rise this year with 2,397 active listings this November compared to 2,343 in 2018.
“We continue to see low inventory and strong demand for low to mid priced properties in our area, which is pushing pricing up on condos and single family homes that fall within that segment,” says Victoria Real Estate Board President Cheryl Woolley. “It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation.”
Condos in Victoria
We saw an increase in condo sales this November with 161 condos sold in Greater Victoria (a 5.9% increase over the same period last year). We continue to see an increase over the past year in active listings at the end of the month, leaving buyers with more choice of properties to choose from, compared to this time last year. Although inventory is up with 238 active listings in November 2019 compared to 230 in November 2018, it’s still taking longer to sell properties (average days on market at 44 days compared to 35 days in November 2018).
“The market this year is behaving as we’d expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago,” adds Woolley. “Appropriate pricing and awareness of market trends are essential right now if you want to buy or sell a home in our area. That is why it is important to have a Realtor guide you through the process. It’s worth getting this professional help, for what likely will be the biggest purchase or sale of your lifetime.”
To read the full Victoria Real Estate November 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.