September Shows Stabilizing: VREB

As the temperatures continue to drop and we start to see the beautiful fall colours, we ring in the last quarter of 2018. We’re excited, as usual, to see what this changing market will bring for us. After a bit of a slower summer, September had great numbers, showing signs of the Victoria real estate market of stabilizing.

Last month, 533 properties sold in the region, 16.7 per cent few than the 640 properties from last September, and a 10.3 per cent decrease from August 2018. Condos were al so down 30.4 per cent from last year, and singe family homes were down 9.2 per cent from 2017.

“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 VREB President Kyle Kerr.

At the end of September, we had 2,646 active listings on the MLS® service, an increase of 5 per cent over August and 33.9 per cent over September 2017. That is exactly what we want to see! The craze of 2016 saw a serious decrease in inventory, which put additional pressure on those great listings, and this increase is the start of returning to a balanced market.

The inventory under $750K continues to see steady action with properties not sitting long as a large portion of buyers are working in this niche, while the the inventory over $1M has slowed right up. We’re still not where we would like to be in terms of inventory, but we’re on our way to that coveted balance of more new listings and fewer pending sales.

The benchmark price for a single-family home in Victoria increased by 6.2 per cent to $883,700 over last year, but it was slightly lower than August’s value of $888,300. The benchmark value for a condo increased by 9.9 per cent to $503,000 over last year, and it remained the same as August’s value.

If you want to read the full statistics release, click here: www.vreb.org/current-statistics.

As we continue to shift through a changing market, it’s important to find an advisor that you trust to work with. Your local agent can help you understand your neighbourhood’s market to help you achieve the best price or purchase a great find. It can be tough, not to mention frustrating, working in a changing market; however, with the right team, you can find the fun in buying or selling!

Got questions? Let us know! We love what we do and are always happy to have a chat.

Until next time.

Kaley + Mike