You may have heard that Victoria Real Estate is experiencing higher prices due to the low supply compared to February 2017? In Last months statistiics indicate that inventory levels edged lower, with 1,537 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2017, 40 per cent fewer than the 2,562 active listings at the end of February 2016.
Some buyers and sellers see this as low inventory for previous month and expect an increase of supply for the comiing months Look again....In February 2015 there were 3,480 active listings for sale on the Multiple Listing Service® at the end of February, 7.7% fewer than the 3,770 active listings in February 2014. Total MLS® sales in February were 412, a 4.6 per cent increase over February 2013 when 394 units sold and a 20.5 per cent increase over the 342 sales reported to the Victoria Real Estate Board (VREB) in January 2014.
The high supply of homes on the market was due to low sales in previous years combined with higher inventory levels.
Good news for buyers , number of sales have decreased; March 1, 2017 - A total of 675 properties sold in the Victoria Real Estate Board region this February, 12.6 per cent fewer than the 772 properties sold in February last year. We are seeing fewer sold, in the last month, so things may be settling down. Builders are building up a storm, there are options for people who want to move to more suburban centres for lower prices. We might see and easing up of high prices and more Victoria homes available this spring. The peak may have passed
Keep your eye out for a cooler market late this spring. March trends will give better indications of where the peak prices are going.