Victoria Real Estate Board (VREB) month-end statistics for May 2019 held a small surprise for many people this morning: unit sales in May of this year surpassed the number of sales in the same month last year by 12.3%.
In fact, all three of the main statistical month-end measures from VREB were up, including new listings up 7.2% from May 2018 and active listings up 26.1% from the previous year.
Overall prices continue to moderate in Greater Victoria, even in the face of rising inventory combined with rising sales (refer to HPI graph).
Although inventory continues to increase faster than unit sales, the number of homes available for purchase are still well below the 10-year average and therefore prices continue to be stable, neither increasing nor decreasing overall, although some areas and asset classes are performing better or worse than the entire market, please contact us for detailed analysis.
Stable prices are also very evident in the month’s of inventory, which decreased at the end of May again, edging very slightly into what is considered a range consistent with a Seller’s market (see graph).
All the best,
The Farrell Group