10-Year Average the Better Comparison: VREB

With December and the Christmas spirit setting in around Victoria, the Victoria real estate board has now released its November statistics. 
To be perfectly honest, the comparison between this November and last November is a bit of an anomaly. Last November, we had an influx of buyers trying to beat the federal government’s change to mortgage lending rules, and that showed in the numbers. We anticipated this decrease as we don’t have the same motivation this year, but it still does show a decrease in buyers’ activity as a whole and as part of a pattern. 
This year, a total of 498 properties sold in the region, 25.8 per cent fewer than the 671 properties sold in 2017. This also shows a 16.7 per cent decrease from October of this year. Condo sales were down a whopping 30.9 per cent over last year, and single-family homes were down 20.8 per cent in the same time period. 
The better comparison is where we sit compared to the 10-year average, and that number shows 515 units sold for November. 
The benchmark price for a single-family home in the Victoria area last month was $865,200, 3.9 per cent higher than November 2017’s value of 832,800; however, this value is slightly lower than October 2018’s value of $881,000. The benchmark price for a condo in the area was $500,500 in November 2018, 9.7 per cent higher than November 2017’s value of $456,200. We have seen slight drops month-over-month in values here in Victoria, but it will likely still take some time to see those drops translate to price decreases in the area. 
The good news in all of this, too, is that the number of listings is slowly increasing. Last month, there were a total of 2,343 active listings on VREB’s MLS, an increase of 32.8 per cent over last year. We’re still a ways off of being back at the 10-year average (3,204 active listings), but we’re starting to get ahead of that squish on availability. 
To read the full statistics package, click here: vreb.org/current-statistics.
With so many moving parts in any real estate transaction, you need to have somebody working with you and only you to achieve your goals. Have questions about the market or your own steps into the market? Send us an email at janeswallsgroup@evcanada.com or call us at 250-361-8656. 
Until next time! 
Kaley + Mike