Greater Victoria Holiday Market Update
A total of 577 properties sold in the Victoria Real Estate Board region this November, 15.9% more than the 498 properties sold in November 2018 and a 6.8% decrease from October 2019. Sales of condominiums were up 5.9% from November 2018 with 161 units sold. Sales of single family homes increased 15.4% from November 2018 with 308 sold. There were 2,397 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2019, a decrease of 9.3% compared to the month of October, but a 2.3% increase from the 2,343 active listings for sale at the end of November 2018.
"We continue to see low inventory and strong demand for low to mid priced properties in our area, which is pushing pricing up on condos and single family homes that fall within that segment," says Victoria Real Estate Board President Cheryl Woolley. "It is a challenging time for those shopping for properties in that price range as they can often find themselves in a competing offer situation."
"The market this year is behaving as we'd expected, in the wake of tighter mortgage requirements and after the rapid pace of price increases we saw two years ago," adds Woolley. "Appropriate pricing and awareness of market trends are essential right now if you want to buy or sell a home in our area. That is why it is important to have a Realtor guide you through the process. It's worth getting this professional help, for what likely will be the biggest purchase or sale of your lifetime."