Real Estate in Victoria, BC: Oct 2015 vs Oct 2014
Home Sales: Up 21.9% ~ 734 vs 602
"This is the twenty-ninth month in a row that we've seen monthly sales increase over the year before," Victoria Real Estate Board President Guy Crozier says. "This month we also saw sales numbers surpass the total for last year - in 2014 there were 6,698 sales and as of October 31, 2015 there are 7,257 sales on record with two months to go in 2015! We're looking down the home stretch of 2015 and there is no sign of a market slow down."
Inventory of Listings: Down 19.3% ~ 3,170 vs 3,927
Inventory of homes for sale in Victoria goes through normal seasonal changes. However, looking at the big picture of housing in the area, total number of house listings for sale have been shrinking since 2013; Victoria is leaning toward a Sellers Market.
Benchmark Home Price for Victoria Core:
Up 9.4% ~ $555,900 vs $608,200
Advice to Home Buyers in Victoria
What's President Crozier's advice to buyers shopping for their perfect home? "It's critical to work closely with your REALTOR® to stay on top of the market. With home sales almost at the pace of new listings, the market is moving quickly and some homes in high demand areas like the Victoria Core are selling in days. Working with your Realtor on a plan of what you require over the course of the transaction can remove stress and risk from the process."