September Stats Are Out!

Wait, where exactly did September go? Did you see it? I swear I blinked and we went from the Labour Day long weekend and are now talking about Hallowe’en.

Even though September was a whirlwind, Victoria real estate saw a positive, strong month in its stats. The Victoria Real Estate Board has released its breakdown of last month, and here is how things stacked up.

  • 616 properties sold in the region
  • ↑ 15.6 per cent over last year
  • ↓ 6.8 per cent over August 2019

  • 282 single-family homes sold
  • ↓ 1.1 per cent over September 2018
  • ↓ 19.7 per cent over August 2019

  • 221 condos sold
  • ↑ 48.3 per cent over September 2018
  • ↑ 8.9 per cent over August 2019

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Usually September marks the beginning of the fall market, when everybody is back in their fall routines and the weather isn’t as alluring, and shopping for homes seems a lot more exciting than days at the lake.

Over all, the numbers show that September stuck to the trend year-over-year, but we oddly saw a slow-down in the single-family sector as well as sales over all. August held its own this year and as the year continues on, the stats continue to buck the trends.

Having said that, we certainly are seeing a more balanced market with listings creeping back up to normal levels. We’re not there yet, but we’re getting there. Properties continue to sit on the market for at least a week or two, especially if they are priced appropriately. Buyers have options again and aren’t feeling pressured to make split-second decisions. Offers continue to see full conditions, including subject to sales, and condition periods lasting for at least a week to ten days. For me, this is the biggest indicator that things are sliding back towards a balanced market. Time has returned to the offer process.

Victoria Real Estate Board had 2,823 active listings as of September 30, a slight decrease over last month, but a 6.7 per cent increase over September 2018.

The benchmark value for a single-family home in the Victoria core was down 3.6 per cent over last year, down to $846,500. This was slightly lower than August’s value of $847,300. The benchmark value for a condo increased by 1.6 per cent over last year, rising to $511,600, but this was lower than August’s value of $518,100.

Victoria Real Estate Board President Cheryl Woolley says, “We saw increased activity in the condo and townhouse market…. It may be too early to call this a trend towards condo purchases, but this is a number to watch through the fall to see if buyers continue opting for condos and townhomes […] with price points often lower than a single family home.”

To read the full statistical package, you can find it here: www.vreb.org/current-statistics.

I know we always say this, but working with a real estate advisor you feel comfortable and confident with will help you navigate this changing market. Whether you’re buying or selling, we can help you develop your perfect real estate plan. Let’s talk!

Until next time.

Mike + Kaley