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Victoria Monthly Statistics Reports


Victoria Real Estate Market Continues to Stabilize

October 1, 2018  A total of 533 properties sold in the Victoria Real Estate Board region this September, 16.7 per cent fewer than the 640 properties sold in September of last year, and a 10.3 per cent decrease from August 2018. Sales of condominiums were down 30.4 per cent from last year in September with 149 units sold. Sales of single family homes were down 9.2 per cent from 2017 with 285 sold this September.

"This year's housing market has continued to behave as we've expected, moderating after the record setting pace of 2016 and adjusting to various government measures such as tightening mortgage qualification rules that were intended to cool the market," says Victoria Real Estate Board President Kyle Kerr. "We continue to see a reduction in sales when we compare to recent years and prices stabilizing across the market, with some variation in value in niche, higher end homes."

There were a total of 2,646 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2018, an increase of 5 per cent compared to the month of August and 33.9 per cent more than the 1,976 active listings for sale at the end of September 2017.

"If you are considering buying or selling a home, you need to understand your local market, particularly in the context of your property type and price point," adds President Kerr. "Micro markets in our area behave very differently as they are influenced by different pressures. The under $800,000 housing market in some areas is under tremendous pressure as many buyers compete for these homes. The multimillion-dollar market in other areas is currently experiencing less pressure and we can see price flexibility coming into play in the 1.5 million dollar plus market. And although we saw a bump in inventory at the start the year, those inventory levels have stabilized as well. So buyers still face a market with much less inventory available than the historical average. Your local REALTOR® can help you understand the best way forward for your selling or buying plans based on current and granular data and market insights."

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2017 was $832,000, while the benchmark value for the same home in September 2018 increased by 6.2 per cent to $883,700, slightly lower than August's value of $888,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2017 was $457,700, while the benchmark value for the same condominium in September 2018 increased by 9.9 per cent to $503,000, exactly the same as August's value.

About the Victoria Real Estate Board - 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 1,379 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.


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Sold Properties, David Stevens Royal LePage
RECENTLY SOLD


Scott St Victoria Sold David Stevens   Sold by David Stevens

Oaklands                             Downtown Victoria                  Saanich East                              Oak Bay            

Driftwood, Sooke, Sold by David Stevens 402-75 Songhees, Victoria BC 3223 Ernhill Pl, Victoria, BC 2395 Setchfield Ave, Victoria 
       Sooke                          Songhees                             Langford                              Florence Lake     

Kerwood Ocean Front Lot 2338 Hoylake Cres, Victoria  BCDeltana , Victoria bc North Saanich Home sold by David Stevens
            View Royal Lot               Thetis Heights                                   Westshore                        N. Saanich                     

  75 Songhees SoldCordova Bay Home Sold by David Stevens RealtorDavid Stevens Realtor Condo Sold Tyee Rd VictoriaHome in Sidney, BC sold by David Stevens Real Estate
        Songhees              Cordova Bay                                                  Vic West                                    Sidney    
          

Sold by David Stevens. San Juan Ave, Gordon HeadDowntown Victoria Condo sold by David StevensCentral Saanich Home sold by David Stevens Condo Sold by David Stevens
                            Gordon Head                  Downtown                                        Central Saanich                  Saanich East                                             

David Stevens Sold Genoa Place SaanichtonBalfour Ave, Victoria sold by David Stevens Real EstateLangford Area House sold by David StevensDavid Stevens Sold Synod Rd Victoria Bc
         Saanichton                         Burnside                             Langford                   Cedar Hill                

Bear Mtn Executive Home Sold by David StevensHigh Quadra SoldSaanich House Highlands Sold 
                                   Bear Mtn.                           High Quadra                     Saanich                                    Highlands                                                   

Bear Mtn  David Stevens Real Estate sold David Stevens sold Bear Mountain Condo     
                             Bear Mtn.                   Sooke                         Fairfield                Bear Mtn.                                               
                             

                                                

 If you are thinking about buying or selling a home, connect with me David Stevens, your local Realtor, for detailed information on the Victoria and area housing market.