HOMEFINDER: Greater Victoria real estate market changes tempo for fall

Bench mark home value continues to rise despite slight dip in sales

September continued the summer trend of a slight decline in home sales.

A total of 640 properties were sold last month in the Victoria Real Estate Board’s (VREB) region. That’s roughly 18 per cent less than the 781 properties that sold in September 2016. “We can certainly feel the difference in the current market when we compare to last year’s record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,” said Ara Balabanian, VREB president, in a statement. “Now the tempo of the market is trending slowly – very slowly – towards more balanced conditions. Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”

At the end of September there were 1,976 active listings for sale in the region, which represents an increase of roughly three per cent compared to August. But that’s still roughly four per cent fewer than the 2,061 active listings for sale at the end of September 2016.

“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market,” Balabanian added. “The 10 year average for sales in September is 573 properties and the month exceeded that average by more than 10 per cent, which indicates we’re still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. It’s for reasons like these that now more than ever it makes sense to seek the assistance of a local realtor to sell or buy your home.

The Multiple Listing Service’s home price index benchmark value for a single family home in the Victoria core continues to rise. Last month the benchmark was $823,100, an almost 11 per cent increase from $742,200 in September 2016.

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