Victoria Real Estate: October 2019

Victoria Real Estate October 2019

As the temperature cools down and winter approaches, we can see the real estate Fall trends as we evaluate the market in Greater Victoria this October. After the typical surge of real estate transactions at the start of Fall, we observe similar trends in the market for compared to past years.

Sales are up for Victoria Real Estate October 2019 (619 properties sold) compared to October 2018 (598). In addition, overall inventory continues to rise this year with 2,643 active listings this October compared to 2,510 in 2018.

“This month’s overall numbers are very similar to the numbers we saw last year,” says Victoria Real Estate Board President Cheryl Woolley. “It’s interesting that last month we saw a large uptick in condo sales, but this month is fairly flat when compared to last year. This shows that we are not yet seeing a trend in property types.”

Condos in Victoria

We saw the slightest decrease in condo sales this October with 178 condos sold in Greater Victoria (a 1.1% decrease 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, it’s still taking longer to sell properties (average days on market at 45 days compared to 33 days in October 2018).

Looking Forward

“There has been a slight increase in our inventory from October last year,” adds Woolley. “The current inventory is likely not enough for home buyers to feel they have a lot more to choose from – which in turn puts pressure on pricing for homes in desirable locations and price points. It’s not uncommon to see multiple offers in many of our market segments. Your local Realtor will be able to help you understand the intricacies of our current market and what you can expect at the time you decide to buy or sell a home.”

To read the full Victoria Real Estate October 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.