March Stats Remain Static: VREB

Earlier this week, the Victoria Real Estate Board released its rundown on how March shook out. It shows a similar story to February’s, in that realtors are busy and the listings are coming, but the number of sales remained rather flat compared to the year before, especially for the start of the spring market.

Here are the details:
  • 640 properties sold in Greater Victoria
  • ↓ 7 per cent over March 2018
  • ↑ 52 per cent over February 2019

Sales of condos were:
  • ↓ 7.1 per cent from March 2018 with 196 units sold
  • ↑ 51.9 per cent from last month

Sales of single-family homes were:
  • ↓ 4.5 per cent from March 2018 with 322 sold
  • ↑ 47 per cent from last month

Victoria Real Estate Board President Cheryl Woolley says, “[w]e continue to see a somewhat static local real estate market through March.” She continues, “Like in February, REALTORS® have been busy showing properties and discussing strategy with buyers and sellers, while the sales numbers themselves continue to be relatively flat when compared with last year.”

As things continue, we still are seeing buyers continue to adjust to the changes in mortgage qualification and the consecutive and long-term low inventory of homes. “…[W]e have seen a month-over-month increase of active listings on the market - though we remain well under the ten-year average of 3,403.”

We had 2,435 active listings for sale at the end of the month, which shows an increase of 14.3 per cent compared to February 2019 and an increase of 37.9 per cent compared to March 2018. Listings are trending in the right direction, but with so much additional demand placed on the $500-$800K, there still aren’t necessarily enough choices for the number of buyers.

As well, the introduction of the federal government’s first-time buyer incentive program will put additional pressure on a high market segment. “These current market dynamics make it increasingly important for our region to continue to find ways to create more affordable housing options to avoid price pressure on the lower-priced properties.”

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

Have you been thinking of selling or buying? It’s important to have somebody on your side, regardless of the transaction, who has your interests at heart. Let’s talk and see if we can help you achieve your unique real estate goals.

Until next time!

Kaley + Mike