October 2019 Victoria Real Estate Market Stats
October 2019 Victoria Real Estate Market Stats summarizes what’s happening the the real estate market in the Victoria and surrounding areas. They can be useful in establishing trends when applied over a period of time. Keep in mind that the information does not indicate the actual value of any particular property.
Victoria Real Estate Market Stats
This month’s overall numbers for the October 2019 Victoria Real Estate Market are similar to the numbers last year. Last month we saw a large uptick in condo sales, but this month is fairly flat when compared to last year. This shows that we are not yet seeing a trend in property types.
- 619 properties sold in the Victoria Real Estate Board region this October, 3.5 per cent more than the 598 properties sold in October 2018 and a 0.5 per cent increase from September 2019.
- 2,643 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2019, a decrease of 6.4 per cent compared to the month of September, but a 5.3 per cent increase from the 2,510 active listings for sale at the end of October 2018.
- 318 condominiums sold and were down 1.1 per cent from October 2018 with 178 units sold. The benchmark value for a condominium in the Victoria Core area in October 2018 was $503,200, while the benchmark value for the same condominium in October 2019 increased by 1.7 per cent to $511,600, the same as September’s value.
- Sales of single family homes increased 10 per cent from October 2018. The Home Price Index benchmark value for a single family home in the Victoria Core in October 2018 was $878,900. The benchmark value for the same home in October 2019 decreased by 2.4 per cent to $857,700, slightly more than September’s value of $846,500.
Market Impacted by Low Inventory
“There has been a slight increase in our inventory from October last year. The current inventory is likely not enough for home buyers to feel they have a lot more to choose from – which in turn puts pressure on pricing for homes in desirable locations and price points. It’s not uncommon to see multiple offers in many of our market segments. Your local REALTOR® will be able to help you understand the intricacies of our current market and what you can expect at the time you decide to buy or sell a home.” says Victoria Real Estate Board President Cheryl Woolley.
Find out what your home may be worth in the Victoria Real estate market today.
If you require specific information on property values please contact one of our REALTORS® or call (250) 744-3301
*Data Source VREB