Market sees sales slump in September

The Victoria Real Estate Board saw fewer properties sold in its region last September, the association announced on Monday. A total of 640 properties exchanged hands that month, 18.1% fewer than the 781 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 president Ara Balabanian.

The market’s pace is trending very slowly towards more balanced conditions, she added. “Recently we’ve seen overall price increases level out, which can indicate slightly less demand, and inventory is building.”

The Victoria Real Estate Board is one of 11 real estate boards across B.C. The areas it served includs Greater Victoria from Sooke to Sidney, up-Island as far as Cherry Point Road in Cobble Hill, and the Gulf Islands.

There were 1,976 active listings for sale in the association’s listing service at the end of September, 3.1% higher than a month before, but 4.1% less than the 2,061 listings in end-September 2016. The benchmark value for a single family home there stood at $823,100, 10.9% higher than in September 2016.

“Simply because we’ve seen sales drop from last year is not dire or unexpected news for our local real estate market,” said Balabanian. “The ten year average for sales in September is 573 properties and the month exceeded that average by more than ten 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.”

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