Quieter July, But Increase Over 2018: VREB

Well, if you can believe it, we’re already one major month of summer down. Now that we’re safely into August, Victoria Real Estate Board has release its stats for July 2019. Here’s your rundown:

706 properties sold in the Greater Victoria area
↑ 8.4 per cent over July 2018
↓ 4.6 per cent over June 2019

215 condos were sold
↑ 14.4 per cent over July 2018
↓ 0.5 per cent over June 2019

347 single-family homes were sold
↑ 2.1 per cent over July 2018
↓ 11.9 per cent over June 2019

Based on these stats, you can see that we’ve picked up a fair amount of traction over this time last year, but we lost a little bit of momentum over June of this year. That isn’t a surprise, though, as July and August traditionally are slower months for real estate, as people are out of town and enjoying the summer weather.

Victoria Real Estate Board President Cheryl Woolley says, “Activity feels more normal now - more like before the real estate market in Greater Victoria saw the huge uptick in 2016 and 2017.”

At the end of July 2019, our Multiple Listing Service (MLS) had 2,949 active listings, a slight decrease over June 2019. But this does show a 13.1 per cent increase over this time last year.

Buyers have more options these days and are feeling less pressure to make split-second decisions. Properties are now sitting on the market for a little bit longer and price reductions are a much more common action. We are certainly headed towards a more balanced market.

The Home Price Index benchmark value for a single-family home in the Victoria core decreased slightly last month to $858,800, both over July 2018 and over June 2019. The HPI benchmark value for a condo in the Victoria core was $523,400, which shows us a slight increase over last year but a decrease over June.

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

As more sellers begin to bring their properties to market, it is even more imperative that they interview at least a couple of local advisors. Not only will this help to ensure an accurate and lucrative price but also it helps to ensure that an effective marketing strategy is in place.

Thinking of making a change, either buying or selling? Give us a call and let’s talk!