If stats and sold signs everywhere are anything to go by, our housing market is bursting at the seams. Prices have gone up 21.9% since this time last year in the Victoria core area.
With available properties being snapped up so fast and often in competition with other offers, the sold prices have hit record highs. In the Greater Victoria area consisting of Saanich, Victoria, Oak Bay, Esquimalt and View Royal, the Benchmark selling price rose from $706,500 in May to $724,900 in June.
There are pluses and minuses to this market. Great to sell high but be sure you have something to move in to. ‘You don’t want to be shut out of the market’, say Mike Nugent, president of the VREB.
But buyers are here and getting frustrated with the lack of inventory. This is evident with June sales down 9% from May. We’ve seen an overall drop of 42.8% in inventory with only 2,289 listings vs 4,003 in June last year.
Are you considering a move? Or wondering how you can capitalize on this market? I’m here to help, give me a call anytime!