Victoria Real Estate: November Statistics
The Victoria Real Estate Board has released the November statistics for the Greater Victoria Real Estate market. In October we saw a 12% increase in sales over September, however November statistics (498 properties sold) show a 16% decrease in overall sales compared to October. We expected to see the market start to slow down in November & December each year as the days get shorter, and the weather gets colder.
“We certainly anticipated a difference this year in terms of sales for November compared to last year,” says Victoria Real Estate Board President Kyle Kerr. “This time last year, the government announced plans to change mortgage lending qualification rules and our market saw a rush of activity as buyers tried to beat that new lending criteria which was rolled out January first. Our ten-year average of units sold for the month of November is 515, which is likely a better comparison than to the unusual market conditions we saw last year.”
“Inventory continues to be low compared to historic averages,” adds President Kerr. “The ten-year average for active inventory in November is 3,204, so although it has improved compared to last year, we are still low on choice for buyers. At the same time, waning demand has meant that there is less urgency in our market right now, which can benefit buyers and sellers. The market tends to naturally slow down in the winter, so I’d expect we will have a more balanced market heading into the new year.”
Condos saw a comparable, 16%, decrease in overall sales November to October of this year. The average price for a condo had a 16% increase over last month taking the average price to $536,575. This large jump in average price is likely due to a couple of high-end condos selling in the same month and bringing the average up abnormally quickly – but stay tuned next month for more insight!
To read the full 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.
— Amy Francoeur