Victoria Real Estate Market Continues Tempo of Steady Sales Throughout June
July 4, 2017 -
"This year may feel a bit steady and less exciting when compared to last
year's record-breaking market. People are getting used to this new tempo of
brisk sales," says 2017 Victoria
Real Estate Board President Ara Balabanian. "However, when we look at the
longer term numbers, we're in a very active market. This June we counted over
one thousand properties sold, while the ten year average for sales in the month
of June is 798. If we remove 2016 sales, this June would have been the record
breaker."
A total of 1,008 properties
sold in the Victoria Real Estate Board region this June, 14.1 per cent fewer
than the 1,174 properties sold in June last year.
There were 1,915 active
listings for sale on the Victoria Real Estate Board Multiple Listing Service®
at the end of June 2017, an increase of one per cent compared to the month of
May, but 16.3 per cent fewer than the 2,289 active listings for sale at the end
of June 2016.
"The good news for buyers
is that inventory is slowly starting to build," adds President Balabanian.
"But buyers can still anticipate multiple offer scenarios in certain high
demand neighbourhoods where inventory is being bought at a more rapid pace.
It's never been a better time to be a seller, with MLS® Home Price Index prices
at a record high for the Victoria Core."
The Multiple Listing Service® Home Price Index benchmark
value for a single family home in the Victoria Core in June 2016 was $721,000.
The benchmark value for the same home in June 2017 has increased by 15.1 per
cent to $829,600.