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A Return to a Seller’s Market in Greater Victoria?

Photo credit: zedzap on Flickr

Photo credit: zedzap on Flickr

Yesterday, the Victoria Real Estate Board released statistics for February 2015. While the rest of the country contended with a seemingly never-ending winter, the cherry blossoms were out early in Victoria and vicinity, and so, apparently, were the buyers. 

Our unseasonably warm February seems to have drawn out the home buyers earlier than usual. Sales were up 31.6% over the same month last year, and 54% up over January 2015. All told, there were 542 sales including 285 single family homes, the most in a February since 2008. In 2014, February saw 412 sales, and there were 351 in January of this year.

Sooke’s numbers were unchanged. There were 19 sales including 13 single family homes. The SFD numbers match February last year, but 2 more other units (manufactured, condo or townhouse) sold in February 2014. However, our robust January puts year-to-date single family sales in Sooke 52% higher than the same period in 2014.

The story of real estate in 2015 will be told by inventory. We have seen a gradual decline in available properties for sale over the past couple of years, and 2015 seems to be starting out the same way. At the end of February, there were 3480 listings available, 7.7% fewer than the same time last year. In Sooke, there were 222 single family homes available at the end of February, and as you can see in this graph, inventory has been declining over the past three years:

Inventory in Sooke has been trending lower the last few years.

Inventory in Sooke has been trending lower the last few years.

As sales increase and listings decrease, there is a possibility that the market could edge from balanced – where it has been for the past year at least – into seller’s territory. I think we’re a long way from there here in Sooke, but I am certain that certain pockets of the market in greater Victoria will or are already in seller’s territory with the more robust sales activity in those areas. The graph below shows the current state:

Greater Victoria is edging close to a Seller's Market.

Greater Victoria is edging close to a Seller’s Market.

What remains to be true is that realistically-priced, well-presented homes are getting the most attention. If you would like a no-hassle, complimentary market evaluation on your property, get in touch today – call or text 250-885-0512, email, or fill in my contact page.