There was half the number of actively listed homes this October in Victoria compared to last year and the shortage of options for buyers has had strong effects on sales volume and price. While this time of year is traditionally slower, the decreasing amount of inventory (7.8% down from September) has only marginally dampened the persistent demand and it is clear we are still in a hot market with high sales volume relative to the number of available listings. The combination of the two factors is keeping upward pressure on prices and we are seeing significant increases in Benchmark prices (Benchmark prices being the “average” price of a home in a given area).

Here is a breakdown of the numbers:

Months of inventory hit 1.39 (the number of listings divided by the number of sales) which is near an all-time low. Also, our current listings are just under 1/3rd of the ten-year average of 3,210 listings for the month of October. It is expected that listings will continue to drop through to the end of the year simply due to seasonal factors, but it is hard to believe inventory will drop much given how low we already are and how many incentives there are for sellers to list.

So why are buyers buying? For one thing, money is still cheap and any changes in interest rates will have significant effects on the real estate market. There are also many who see this as a last chance to purchase before being priced out of ever owning a home as prices increase faster than wages and savings. We at The Neal Estate Team are still finding homes for our clients, winning in multiple offer situations and selling our listings quickly and for top dollar. The Team was involved in 2.5% of all transactions that took place in October in Victoria.

If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please call or text 250-386-1818 or simply click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VictoriaComingSoonListings.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.  

Stay safe,

The Neal Estate TeamYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca