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THE VICTORIA MARKET & MARKET INVENTORY

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THE VICTORIA MARKET

Compared to most areas of the country, the real estate market in Victoria put in another solid performance in 2018. Despite slowing sales and properties taking longer to sell, prices continue to edge up, particularly in the condo and townhouse sectors of the market. Residential listings through the VREB’s MLS® totalled 11,044, down -2.6% from 11,343 in 2017. Residential sales totalled 6,770, down -20.0% from 8,464 in 2017 and well below the record of 10,028 sales in 2016. The sales-to-new-listings ratio was .61, down from .75 in 2017. The value of residential sales through the VREB MLS® was $4.743 billion in 2018, down -14.2% from $5.526 billion in 2017. The average sale price of a residential property in 2018 was $700,630, up $47,702 or +7.3% from $652,928 in 2017. The market slowed in the 4th Qtr of 2018. There were 1,365 sales, down -19.1% from the 4th Qtr of 2017. The average sale price was $697,750, up $35,714, or +5.4% from $662,036 in the 4th Qtr of 2017. The median sale price was $611,500, an increase of $26,500, or +4.5% over the 4th Qtr of 2017.

MARKET INVENTORY

There were 1,409 properties active on the VREB’s MLS® database for the Greater Victoria area (i.e., excluding the Malahat, Up-Island and the Gulf Islands) on Jan 1, 2019, up +23.6% from 1,140 on Jan 1, 2018.


SINGLE FAMILY DWELLINGS (SFDS)


Sales of SFDs in the Greater Victoria area totalled 3,179 in 2018, down -21.5% from 4,049 sales in 2017. The average sale price of SFDs in 2018 was $907,152, up $48,623 or +5.7% from $858,529 in 2017. The median sale price was $799,900, up $49,900 or +6.7% from $750,000 in 2017. The sales-to-new listings ratio fell to .55, from .69 in 2017. SFDs that sold in 2018 were on the market for an average of 33 days, up from 25 days in 2017. As shown in Chart 2, the sale prices of SFDs had been on an upward trend over several quarters. However, the upward pressure on prices eased in 2018 and prices plateaued. The average sale price actually dipped in the 4th Qtr of 2018. The average sale price in the 4th Qtr of 2018 was $890,593, up a modest $18,638 or +2.1% from $871,955 in the 4th Qtr of 2017.


CONDOMINIUMS


The condominium sector also slowed in 2018 with total sales of 2,145, down -22.6% from 2,773 in 2017. The average sale price for a condo was $472,890 in 2018, up $52,557 or +12.5% from $420,333 in 2017. The median sale price was $410,000, up +11.7% from $367,100 in 2017. The sales-to-new-listings ratio was .70, down from .83 in 2017. Condos that sold in 2018 were on the market for an average of 27 days, up from 22 days in 2017. The sale prices of condominiums have been on a strong upward trend since early 2016. The average sale price in the 4th Qtr of 2018 was $492,652, up $47,786, or +10.7% from $444,866 in the 4th Qtr of 2017.


TOWNHOUSES


Townhouse sales totalled 762 in 2018, down -11.0% from 856 in 2017. The average selling price was $607,824 in 2018, up $63,700 or +11.7% from $544,124 in 2017. The median sale price was $554,900, up +12.1% from $495,000 in 2017. The sales-to-new-listings ratio was .66, compared to .80 in 2017. Townhouses that sold in 2018 were on the market for an average of 33 days, up from 22 days in 2017. Sale prices have been on an upward trend over the past three years. The average sale price in the 4th Qtr of 2018 was $648,640, up $84,640 or +14.9% from $564,471 in the 4th Qtr of 2017.


LOTS/ACREAGE


Sales of Lots/Acreage continue to slide, totalling 161 in 2018, down from 197 in 2017 and down from 281 in 2016. The average sale price was $480, 224, compared to $463,565 in 2017. The median sale price was $309,000 in 2018 compared to $345,000 in 2017.