The cherry blossoms have arrived, officially marking the start of spring in our fair city, and with that comes the spring real estate market. Victoria Real Estate Board has now released their March stats, and the details aren’t anything we didn’t see coming.
Inventory remains low in Victoria real estate
Inventory continues to be a problem in Victoria, with the number of active listings far below where a normal, balanced market should be. By the end of March 2017, there were only 1,556 active listings available, far less than the 2,618 active listings in March 2016, by almost half!
The lack of options available for buyers has helped to create the fury around any good-quality property, with most listings receiving multiple offers as people try to buy their way into this coveted market.
“We do think we will see a more balanced market in the future as more inventory becomes available,” says current VREB president, Ara Balabanian. With spring on our doorstep, people will hopefully choose to list their properties to showcase their homes in the best of weather. “Hopefully, as our warmer weather arrives, we will see more listings added into the market,” he says.
Sales still happening
Even with the lack of inventory, we are still seeing good activity. While the 929 properties sold last month is less than the 1,121 sold in the previous year, people are still finding what they want to buy and making the leap.
The benchmark price for a single family home in the Greater Victoria area increased by 19.1 per cent in a year, increasing it to $790,100.
What about condos?
Last month, 294 active condo listings were on the market, with an average price of just over $405,000. That price increase is about 26% higher than it was at the end of March 2016, and unfortunately, the lack of supply is increasing the demand, driving the prices in our city higher and higher.
Are you looking to get your property on the market for the spring rush, or are you a buyer looking for that next great purchase? Call us today at 250-382-6636, and we can walk through the next steps of how best to harness this Victoria real estate market.
Until next week.
– Kaley Walls