Victoria Real Estate market impacted by low inventory, consistent demand

Victoria Real Estate Market Stats for October 2019

Victoria Real Estate market impacted by low inventory, consistent demand A total of 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.  Sales of condominiums were down 1.1 per cent from October 2018 with 178 units sold.  Sales of single family homes increased 10 per cent from October 2018 with 318 sold.

There were 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.

The Multiple Listing Service® 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.  The MLS® HPI 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.