Victoria’s Real Estate Market Simmers at the End of Summer

By
Real Estate Sales Representative with RE/MAX Camosun Victoria BC Real Estate BC Licence #001159

Victoria BC Real Estate August Market Report

Victoria’s Real Estate Market Simmers at the End of Summer

Victoria BC September August Real Estate Market ReportA total of 594 properties sold in the Victoria Real Estate Board region this August, 19.3 per cent fewer than the 736 properties sold in August of last year, and an 8.8 per cent decrease from July 2018. Sales of condominiums were down 5.3 per cent from last year in August with 195 units sold.

Sales of single family homes were down 22.1 per cent from 2017 with 304 sold this August. “Prices in our market are quite flat right now, with a slow, long-term trend toward a more balanced market,” says Victoria Real Estate Board President Kyle Kerr. “Listings have remained relatively static for months after an initial increase last spring. However, this plateau has included more high value inventory and similar to last month, fewer single family homes for sale under $750,000.

Thirty per cent fewer homes this year were listed for sale at $750,000 or less than in the year previous, which means there is still pressure on lower priced homes in the Core and other popular areas.

We do see a levelling out of prices month-over-month which is one factor helping to slowly return us to a more balanced market.”

There were a total of 2,519 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2018, a decrease of 3.4 per cent compared to the month of July but 31.4 per cent more than the 1,917 active listings for sale at the end of August 2017.

“Many demand-side measures were introduced this year – including a stress test on mortgages - which altered many buyers’ purchasing power,” adds President Kerr. “ These new policies are having the desired effect of slowing the market, though it is likely that over time the market will normalize these changed conditions.

Our strong local economy and high employment rates may bolster demand into the fall as people return to work after their summer vacations. Fall numbers will be an interesting indicator of our year to come as we continue to track low home inventory in a changing marketplace.

For an up-to-the-minute understanding of your local neigbourhood market as fall sales unfold, call me Fred Carver 250-413-7042 your local REALTOR®.”

Victoria BC September August Real Estate Market ReportThe Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2017 was $830,800, while the benchmark value for the same home in August 2018 increased by 6.9 per cent to $888,300, slightly lower than July’s value of $888,700.

The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2017 was $453,900, while the benchmark value for the same condominium in August 2018 increased by 10.8 per cent to $503,000, slightly lower than July’s value of $507,700.

Victoria BC September August Real Estate Market Report

Posted by

 

HAVE YOUR BEST YEAR EVER IN 2015 !

 Link to My web SiteTwitter Fred Carver     Find Fred on Google  Fred Carver on Facebook    Fred Carver on LinkedIn

Fred Carver on YouTube Follow Me on Pinterest  Connect with Fred Carver on Google+

Google Me Fred Carver

 

  "Selling Victoria Residential & Income Producing Properties since 1971"

 

Cheers

Fred Carver

Personal Real Estate Corporation

RE/MAX Camosun
Accredited Consultant in Real Estate®

“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”

Direct 250-598-2963   

Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.

4440 Chatterton Way, Victoria, BC V8X 5J2
Calling from Out Of Town? Call Toll Free 1-800-663-2121

Find Hundreds of Home For Sale in Victoria BC

Post Copyright © 2016 By Fred Carver Real Estate Corporation All Rights Reserved

Fred Carver Top Realtor Victoria BC

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
Real Estate Market Trends
Location:
British Columbia Capital Area Victoria
Groups:
Canadian RE/Max Agents, Mortgage Brokers, Home Staggers Etc.
Fairfield Victoria Real Estate Blog
Calgary Real Estate
Market Reports
Oak Bay Real Estate
Tags:
victoria real estate market

Post a Comment
Spam prevention
Spam prevention
Show All Comments
Ambassador
1,479,333
Jim Crawford
RE/MAX Paramount Properties - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Fred Carver Personal Real Estate Corporation Thank you for sharing this report.  It offers great insights for buyers and sellers alike. 

Sep 10, 2018 01:34 PM #1
Post a Comment
Spam prevention
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainmaker
1,038,351

Fred Carver Personal Real Estate Corporation

Accredited Real Estate Consultant
Let me help you Find or Sell Your Home Just Email 24/7
*
*
*
*
Spam prevention

Additional Information