May Market Update – It’s Been a Crazy One!
Sellers are smiling, with a total of 1,286 properties sold this April, sales have increased an astonishing 53% compared to 840 in April 2015, keeping up with the strong sales trends we’ve been seeing in 2016. Great news for sellers are the low inventory levels continuing in the Victoria area with 2,594 listings at the end of April, down 34% compared to 3,945 from April last year. The Home Price Index benchmark at $684,900 this month has increased 17.7% from $581,700 in April 2015.
This means that properties for sale are seeing multiple offers, especially in high-demand areas like Victoria core, Saanich and Oak Bay. For buyers it has been more of a challenging time. Properties are being snatched up quickly in bidding wars, many with unconditional offers. It has not been an easy time for them. For some, especially first time home buyers, it may be worth exploring areas like the West Shore which offers lower pricing while staying close to amenities.
It appears the next few months will be more of the same, there is no shortage of buyers and inventory levels continue to shrink. It’s simple economics of supply and demand.
All the Best out there during this crazy time!
Nickole Goeujon | Realtor | Re/Max Camosun