Tuesday, 7 July 2015

Island House Sellers Candid Thoughts on the Victoria Real Estate Market for June 2015

The weather is hot, but our real estate market is even hotter! Our market is on fire, the busiest we've been since before global financial crisis of 2008. There were 910 sales reported by The Victoria Real Estate Board for June 2015, an increase of 33% over 680 sales in June 2014. The number of available listings for sale is also down to just 4,003 at the end of June from 4,695 at the end of June 2014. That translates to just a 4.4 Month overall supply which = "A Seller's Market". Our team, The Neal Estate Team, had 12 accepted offers for our buyers and sellers last week, about as many as a typical month for us over the past few years (and double the average agent's annual production) and by the way.......We're looking for experienced good help, both sales and admin!
The deflated Canadian Dollar resulting from the low price of oil is fueling export and tourism in addition to attracting significant investment to our region. Our home prices are low on an international scale and we offer an amazing lifestyle in a safe haven. Furthermore, interest rates are low and some say they're likely to go even lower by fall to stabilize our dollar against the US Dollar, unless they raise rates first in the USA which they're very resistant to doing on the eve of an election.
 It's a great time to buy in Greater Victoria and Southern Vancouver Island. We're a relative bargain and welcoming increasing numbers of relocating newcomers who are cashing out of Vancouver and the Lower Mainland and also those escaping the harsh winters of the prairies and Eastern Canada. Wealthy immigrant buyers are discovering Victoria and starting to drive the upper end of our market too.
 As always, there are exceptions and huge variations by area, property type, condition and price range. For information relevant to your own property please call us at 250-294-MOVE (6683) for your FREE Personal Consultation, without obligation of course. Or, visit us online to receive your FREE and EASY online market snapshot with information about current listings and recent sales in your neighbourhood.