Falling Fall Real Estate Market?
With November upon us we are seeing a reduction in the number of new homes and condominiums being listed for sale in Victoria. This is typical for this time of year.
Overall, when you compare October 2019 home sale numbers to October 2018, the number of transactions in the Greater Victoria area is very close. However, there has been a slight decrease in pricing, with the average price for the Greater Victoria area down about 2.4% for October this year, compared to October last year, but this can vary greatly depending on the price point, location and neighbourhood.
Homes that are in need of a lot of work and were riding the wave of Victoria’s hot market in 2016/2017 are seeing a fair bit of pushback. We are seeing more home sales under assessed price and more price adjustments to listings. However, homes that are fairly priced and are “move-in ready” continue to move quickly.
The market for homes priced over $1.2 million is softer. So, if you are selling a home in this price range, patience will be required. On the upside, if you are buying a home over $1.2 million in the Victoria area and the seller is motivated, there may be an opportunity to get you a deal. Homes under $800,000 continue to move relatively quickly as there is not a lot of inventory at this price point.
You can view the full Victoria Real Estate Market report by clicking on the link to the right. It includes a number of charts on the benchmark price, home price index (HPI) and volume of sales by district (i.e. Oak Bay, Victoria, Saanich East, etc.). If you have questions about your specific neighbourhood, contact Hal or Audra. and we would be happy to answer any of your questions.
Also, if you’ve been thinking about buying and selling at the same time, you may want to check out our recent article on whether you should sell first or buy first