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!