August Numbers Slow: VREB

Welcome back, Victoria! Although the warm, late-summer days are still kicking around, the fall season is starting to edge in. Kids are back to school, routines are reestablished, and real estate is on your mind.

Once again, we saw some slower movement here in the Victoria real estate market, with 594 properties sold, 19.3 per cent fewer than August last year. We were down 8.8 per cent over July’s stats. Both condo and single family home sales were down, with 195 properties and 304 properties sold, respectively.

Last month, we saw the inventory increase in the high-value properties, but the pressure remains on homes priced 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 the lower priced homes in the Core and other popular areas,” says Victoria Real Estate Board President Kyle Kerr. “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.”

At the end of August 2018, Victoria had 2,519 active listings listed on MLS, a slight decrease over July’s numbers, but a whopping 31.4 per cent increase over August 2017.

We’re still feeling the pressure of the increased pressure on the mortgage industry, with many buyers losing some serious buying power. Victoria, however, will remain a desirable location with the strong economy and high employment rates, not to mention the number of people wishing to retire here.

The benchmark price for a single family home in Victoria dropped slightly from July’s value to $888,300, but that is a 6.9 per cent increase over August 2017. For a condo, the benchmark price rose to $503,000, slightly lower than July’s value, but 10.8 per cent higher than last year.

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As the market continues to shift and realign itself, it is important, as always, to work with a trusted advisor. You need the best team in place helping you navigate one of the largest transactions you can make and with our trusted network of professionals, we can help you with just that.

Ready to talk? Give us a call! We’ll start the coffee.