Collectively Serving Victoria, Western Communities and Sooke for Over 40 years Contact Us: 250-642-5050 facebook instagram

Blog

THE MARKET INVENTORY

Posted by on

THE MARKET INVENTORY

 

There were 1,910 properties (including lots and acreage) active on the VREB’s MLS® database for the Greater Victoria area (i.e., excluding the Malahat, Up-Island and the Gulf Islands) on July 1, 2018, up +50.3% from 1,271 a year ago. As an additional point of reference, the inventory was 2,796 on July 1, 2015.

 

SINGLE FAMILY DWELLINGS (SFDs)

 

Sales of SFDs in Greater Victoria totalled 1,027 in the 2nd Qtr of 2018, down -22.5% from 1,400 sales in the 2nd Qtr of 2017. The average sale price of SFDs in the 2nd Qtr of 2018 was $905,269, up +5.6% from an average of $856,939 in the 2nd Qtr of 2017. Moreover, the median sale price was $803,500, up

+6.4% from $755,000 in the 2nd Qtr of 2017. As shown in Chart 2, sale prices have shown sizeable and steady increases over the past three years. SFDs that sold in the 2nd Qtr of 2018 were on the market for an average of 24 days, up from 18 days last year. The sales-to-listings ratio was .52, effectively in balanced market territory, in the 2nd Qtr of 2018, down from .71 last year.

 

CONDOMINIUMS

 

Condominium sales totalled 684 in the 2nd Qtr of 2018. This was down -22.0% from 877 sales in the 2nd Qtr of 2017. The average sale price for a condo was $462,784 in the 2nd Qtr of 2018, up +11.3% from $415,713 in the 2nd Qtr of 2017. The median sale price was $405,000, up +11.0% from $365,000 last year. As shown in Chart 3, the average and median sale prices have shown a steady upward trend since the 3rd Qtr of 2015, although prices appear to have levelled off. Condos took an average of 23 days to sell in the 2nd Qtr of 2018, up from 18 days last year. The sales-to-listings ratio was .66, down from .86 last year.

 

TOWNHOUSES

 

There were 220 townhouse sales in the 2nd Qtr of 2018. This was down -22.3% from 283 sales in the 2nd Qtr of 2017. The average selling price in the 2nd Qtr of 2018 was $599,926, up +6.1% from $565,630 in the 2nd Qtr of 2017. The median sale price was $560,400, up +12.6% from $497,500 last year. Townhouses took an average of 25 days to sell in the 2nd Qtr of 2018, up from 16 days last year. The sales-to-listings ratio was .58. This ratio was .85 last year.

 

LOTS/ACREAGE

 

There were 37 lots/acreage sold in the 2nd Qtr of 2018, down from 61 sales in the 2nd Qtr of 2017. The average and median sale prices were $521,142 and $299,000 respectively, compared to $608,122 and $435,750 last year.