Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.
The softer market we've been watching through September continued this week. There are now about 8 months of inventory across Greater Victoria, while sales have continued to slow. At this point, we're far enough past Labour Day that it's becoming difficult to blame the slowdown simply on the long weekend.
Single-family homes are still the strongest part of the market, although they have slowed as well. Townhomes actually improved slightly this week, but buyers still have plenty of choice. Condos softened again, with fewer sales and more inventory relative to the number of buyers.
What's interesting is that we don't have dramatically more properties for sale than we did at this time last year. The bigger difference is that fewer buyers are purchasing. That means sellers are competing for a smaller pool of active buyers, while buyers generally have more time and more negotiating power.
For sellers, this isn't a market where you want to get too far ahead of the competition on price. Good properties are still selling, but buyers have choices and can afford to be selective. For buyers, conditions are increasingly comfortable. There is generally time to compare properties, negotiate and make a thoughtful decision.
September has now given us several consecutive weeks of softer activity. The question heading into October is whether sales begin to stabilize or the quieter market continues.
Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.
Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun
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