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Victoria Monthly Statistics Reports


Victoria Housing Market Still Finding Its Balance

August 1, 2018  A total of 651 properties sold in the Victoria Real Estate Board region this July, 17.6 per cent fewer than the 790 properties sold in July of last year, and an 8.1 per cent decrease from June 2018. Sales of condominiums were down 22.6 per cent from last year in July with 188 units sold. Sales of single family homes were down 16.5 per cent from 2017 with 340 sold this July.

"We are in a different market now than what we have seen for the past two years," says Victoria Real Estate Board President Kyle Kerr. "And while we see inventory creeping up after the drought in 2017, especially in the multi-million-dollar range, across our region there are 30 per cent fewer homes listed for sale under $750,000 than this time last year. This means that if you are shopping in the $750,000-or-less bracket, you are in a fast-moving market with low inventory. For example, of the 176 single family detached properties sold in our Core and Malahat regions during the month of July, only 59 (34%) were listed for $750,000 or less. And of those, 28 (47%) sold at or over list price. This illustrates the high demand for homes at or below this price point, and the pressure that is still pushing that segment of our market. If you are looking for a home priced at $1.5 million or above, there is more selection than last year and those homes are sitting on the market longer. For the first seven months of 2017 there were 481 single family detached properties for sale listed at $1.5 million or above. For the same time period in 2018, there were 664 properties for sale in this range, an increase of 27.6 per cent."

There were a total of 2,607 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2018, an increase of 0.5 per cent compared to the month of June and 35.7 per cent more than the 1,921 active listings for sale at the end of July 2017.

"Each year we tend to see a plateau in inventory over the summer months," adds President Kerr. "It is possible that we will see more inventory come into the market through the fall when there is often a burst of activity in our market, but it's hard to predict how that inventory might be priced. Ideally, we will see more inventory come in at under the $750,000 level to help push our housing market into more balanced territory across all segments."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2017 was $834,200, while the benchmark value for the same home in July 2018 increased by 5.5 per cent to $880,000, slightly lower than June's value of $889,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2017 was $442,100, while the benchmark value for the same condominium in July 2018 increased by 12.1 per cent to $495,700, slightly higher than June's value of $496,500.

About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,365 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.

View our press release and summary here.
View our complete statistical package here.


Sold Properties, David Stevens Royal LePage
RECENTLY SOLD


 

Downtown Victoria                  Saanich East                              Oak Bay            

Driftwood, Sooke, Sold by David Stevens 402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC 2395 Setchfield Ave, Victoria 
       Sooke                          Songhees                             Langford                              Florence Lake     

Kerwood Ocean Front Lot 2338 Hoylake Cres, Victoria  BCDeltana , Victoria bc North Saanich Home sold by David Stevens
            View Royal Lot               Thetis Heights                                   Westshore                        N. Saanich                     

  75 Songhees SoldCordova Bay Home Sold by David Stevens RealtorDavid Stevens Realtor Condo Sold Tyee Rd VictoriaHome in Sidney, BC sold by David Stevens Real Estate
        Songhees              Cordova Bay                                                  Vic West                                    Sidney    
          

Sold by David Stevens. San Juan Ave, Gordon HeadDowntown Victoria Condo sold by David StevensCentral Saanich Home sold by David Stevens Condo Sold by David Stevens
                            Gordon Head                  Downtown                                        Central Saanich                  Saanich East                                             

David Stevens Sold Genoa Place SaanichtonBalfour Ave, Victoria sold by David Stevens Real EstateLangford Area House sold by David StevensDavid Stevens Sold Synod Rd Victoria Bc
         Saanichton                         Burnside                             Langford                   Cedar Hill                

Bear Mtn Executive Home Sold by David StevensHigh Quadra SoldSaanich House Highlands Sold 
                                   Bear Mtn.                           High Quadra                     Saanich                                    Highlands                                                   

Bear Mtn  David Stevens Real Estate sold David Stevens sold Bear Mountain Condo     
                             Bear Mtn.                   Sooke                         Fairfield                Bear Mtn.                                               
                             

                                                

 If you are thinking about buying or selling a home, connect with me David Stevens, your local Realtor, for detailed information on the Victoria and area housing market.

                         

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