Victoria Real Estate: September Statistics

The Victoria Real Estate Board has released the September statistics in the Greater Victoria Real Estate market. As anticipated, we are still seeing a continued slow down in sales. We saw 533 total sales in September this year, a 16.7% decrease since last year. The benchmark price of a single family home in the Victoria Core was $832,000 in September last year, compared to $883,700 in September of this year (6.2% increase).

“This year’s housing market has continued to behave as we’ve expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market,” says Victoria Real Estate Board President Kyle Kerr. “We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes.”

“If you are considering buying or selling a home, you need to understand your local market, particularly in the context of your property type and price point,” adds President Kerr. “Micro markets in our area behave very differently as they are influenced by different pressures. The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes. The multimillion-dollar market in other areas is currently experiencing less pressure and we can see price flexibility coming into play in the 1.5 million dollar plus market. And although we saw a bump in inventory at the start the year, those inventory levels have stabilized as well. So buyers still face a market with much less inventory available than the historical average. Your local REALTOR® can help you understand the best way forward for your selling or buying plans based on current and granular data and market insights.”

As for condos, there were 149 sales this year, a 30% decrease over September of last year. We are seeing properties taking longer to sell, with an average of 33 days compared to 25 days last year. The average price is holding strong at $484,162 this September, compared to $488,348 last year – will this trend of prices continue? I think it’s too early to say for sure, but as more supply hits the market, it will change the amount of demand we’ve seen over the past couple of years. We are seeing the trend of the hectic, seller-dominated market start to fade away, but still continue to have condos sell quickly and for full price so it does depend on a number of factors (list price to market value, desirability, bylaws, etc). It’s best to talk to a real estate agent that is well-versed in the condo market.

To read the full real estate September 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