Anny Schaefer

Whatever your natural habitat may be

If you're following the Victoria real estate market at all, you've probably already heard that half again as many homes were sold in March 2016 as in March 2015---1,121 properties compared to 734. And that inventory remains low. Have a gander at this somewhat alarming graph from the Victoria Real Estate Board:

 

It's a classic Sellers' Market in some areas--especially near the downtown core and in most areas of the Saanich Peninsula. Many homes are selling within a few days (or occasionally even 0--that's "zero" days) of being placed on the Multiple Listing Service (MLS®) system. There are frequently multiple offers, often resulting in a sale price that's a lot higher than asking price. 

 

Buyers take heart, though! The "inventory level" is a static snapshot number taken at month-end. All those houses people are buying are coming from somewhere. This graph shows the NEW listings alongside sales, and what's particularly interesting is comparing the new listings in March of 2016 (with its very high number of sales!) to the new listings in March of 2015 and March of 2014. Last month, there were 1,335 new residential listings, compared to 1,324 in March of last year and 1,155 in March of 2014. These can be thought of as the "flow" of houses INTO the market while the line representing sales is the flow OUT of the market. 

What this means for you if you're a Seller is that it's a great time to sell your home, if you can (but you already knew that). What it means for you if you're a Buyer is that it IS possible to buy a home even in this market. As your REALTOR®, I can help you with time-honoured strategies that will give you a better shot at getting the home you want. Call today!

Data and charts courtesy of Victoria Real Estate Board Multiple Listing Service ®
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Inner Harbour Sunset

Victoria Real Estate Market Remains Strong All Summer

Another month with the same message: Sales up, inventories down. Call today if you want to list your home! 


September 1, 2015, Victoria BC - The Victoria Real Estate Board today released its report on real estate activity for August 2015. A total of 741 properties sold in the Victoria Real Estate Board region this August, an increase of 21.7% compared to the 609 properties sold in the same month last year.

 

"Consumer confidence in our area continues to be one of the main drivers of the spring and summer market surge," Victoria Real Estate Board President Guy Crozier says. "In terms of single family home sales, this month we saw the highest number sold in the month of August since 2007. A total of 379 single family homes sold in August 2015, compared to 399 in August 2007."

 

There were 3,688 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August, 14.6% fewer than the 4,316 active listings in August 2014.

 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in August was $556,600. The benchmark value for the same home in August 2015 has increased by 8.37% to $603,200.

 

"The Canadian Mortgage and Housing Corporation announced new rules for buyers who have less than a 20 per cent deposit," notes President Crozier. "Starting at the end of September, buyers who apply for mortgage loan insurance from CMHC will be able to include 100 per cent of the projected income from secondary suites. A change like this may buoy the market through the fall and winter, and we may see increased pressure on areas that permit suites. We'll watch over the upcoming months and track any trickledown activity."

 

More information on the August 2015 report and the Multiple Listing Service® Home Price Index is available from the Victoria Real Estate Board, at vreb.org.

 

About VREB - 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 over 1,200 local REALTORS®. 

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