We are on Fire! – August 2016 Market Update

vreb market update-2What a summer we’ve had! With the biggest sales season coming to a close, we have more record-breaking sales numbers in August for the sixth month in a row. Despite the low inventory trend Victoria has had, August saw 883 properties sold, which is up 19.2% from 741 in August 2015. At the end of the month there were 2,094 listings on the Multiple Listings Service, down a record-breaking 43.2% from last year’s 3,688 properties. If inventory levels had been higher, the already incredible sales numbers for this year could have been even higher!

As inventory continues to trend low, the upward pressure on home pricing continues to rise as well, which is great news for homeowners. The Home Price Index benchmark currently lays at $746,900, which has risen 23.8% compared to August 2015. Get ready for another great season!

Nickole Goeujon | Realtor | Re/Max Camosun

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