Posted by: Daryl & Wendy Ashby | December 2, 2015

November in Review

Inventory is low, but there is still a great variety of properties for buyers in the Victoria Real Estate Market 

December 1, 2015, Victoria BC – Victoria Real Estate Board confirms that November was another busy month for the Victoria real estate market. Holding true to the theme we’ve seen throughout the year, the Victoria market had another great month of sales, with numbers exceeding those from the same time last year.

A total of 573 properties sold via the Victoria Real Estate Board this November, an increase of 23.2% compared to the 465 properties sold in the same month last year.

There were 2,952 active listings for sale at the end of November, 18.7% fewer than the 3,631 active listings at the end of November 2014.

Prospective sellers may want to take advantage of the current market conditions. One thing for certain; the market right now has lower inventory levels, making it the best time in the past ten years to list a house. Demand from buyers in most areas is up, but inventory continues to decrease on a year over year basis. The good news for buyers is that pricing remains competitive as new listings coming onto the market every day.

Buyers and sellers need to keep in mind as the year comes to a close that there are real estate microclimates in Victoria. Different areas have different levels of demand and ability to meet that demand. Though properties are selling everywhere, what to expect in terms of value and time to sell may differ depending on your area and the type of property.

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core last year in November was $558,600. The benchmark value for the same home in November 2015 has increased by 9% to $608,600.

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