Around 462 properties were sold out in Victoria Real Estate Board in December, 2017 with 1.9% less than 471 properties which were sold in December 2016.
A total of 8,944 properties were sold out over course of 2017, 15.8% few than a record breaking 10,622 which were sold in 2016. Sales in 2017 came at around 21.7% over 10 year average of 7,349 properties sold out.
Ara Balabanian, President at Victoria Real Estate Board said that earlier in 2017, they discussed that how Victoria housing market is different than a record breaking year that they had in 2016 and over that course of the year they had a gradual return to a balanced real estate market. A Practical Guide to Success from Start to Finish is available which makes Estate Sales Made Easy. They have seen a change that had come to the earlier this year, a rapid price increase and multiple offers just levelled out.
“An ongoing low inventory of properties which were to sale out meant that the home buyers continued to experience huge competitive situations in very high demand areas, and many offers were common occurrence as the home buyers negotiated in a very tighter real estate market. Pending mortgage stress test caused due to much of increased activity that they have seen in November and December also.”
There were around 1,384 active listing for home sale on Victoria Real Estate Board Multiple Listing Service by end of December 2017, and there was a decrease of around 21.5% as compared to November and around 7.3% few than 1,493 active listing for sale at end of December 2016. It is lowest level of inventory for the area in December since statistic was tracked in year 1996.
A benchmark value for a single family home at Multiple Listing Service Home Price Index in Victoria Core in December, 2016 was around $753,900. A Victoria BC City Guide is also available which is very helpful to know more about Victoria. Benchmark value for same home in December 2017 increased by 9.3% to around $823,800 and is very slightly lower than value of $824,600 in November.
President Balabanian said that overall continued interest and low inventory in Victoria real estate meant that homes which were at well priced were too quick to sell out in 2017. Moving ahead, they are expecting to see much more inventory that came into real estate market, this will continue to move them towards a much more balanced state.
They are also expecting to remain home prices stable, without any increase that they tracked in 2016. Victoria Real Estate Board was founded in 1921, Victoria Real Estate Board is a player in development of standards and innovative programs which enhances professionalism of Realtors. Victoria Real Estate Board represents around 1,374 local Realtors.