VREB's February Stats Show Increase Over January

Is it spring yet? Goodness knows we’re impatiently waiting for its arrival, but in the meantime, the Victoria Real Estate Board has released its February stats.

Here’s the rundown:
  • 421 properties sold in the region
  • ↓ 22.8 per cent over February 2018
  • ↑ 28 per cent over January 2019

Sales of condos were:
  • ↓ 25.9 per cent over February 2018
  • ↑ 16.2 per cent over January 2019

Sales of single-family homes were:
  • ↓ 15.8 per cent over February 2018
  • ↑ 44.1 per cent over January 2019

January 2019 was a slow month across the board, so it’s definitely comforting to see things picking back up last month. There were 2,131 active listings on the MLS® service at the end of February 2019, a 3.6 per cent increase over January and a 37.9 increase over last year.

“Buyers and sellers appear to be looking at the current real estate market from different perspectives,” says VREB President Cheryl Woolley. Buyers are hoping that the government promises, like mortgage stress tests and speculation tax, will, in fact, improve affordability. “However, the actual result of some of these policies seems to have softened the higher priced end of the market and increased competition for properties at the lower priced end.”

To read the full released, click here: www.vreb.org/current-statistics.

We can confirm those details. While the higher end of the market continues to sit for longer stretches of time, homes priced spot-on in the $500K-$750K range are still moving quickly. Just this past week, we were involved in a multiple offer situation on a single-family home in Sidney! It was a surprise to us and a testament to the downward pressure on people jumping down in price brackets, due to limited buying power from reduced mortgage lending amounts.

The market is perpetually in flux, it’s true, but we’re starting to see the swing from a seller’s market back towards a balanced one. We’re still struggling with low inventory, compared to the 10-year average, which means that when great properties priced right come to market, we still have a lot of interest in them. As the market slowly builds up its inventory, an experienced real estate advisor can help you find the diamonds in the rough and find the perfect match for you.

Have questions? Give us a call!

Until next time!

Mike + Kaley