Victoria Real Estate Blog

Victoria’s real estate market is making a comeback. Sales have risen 12% since 2013 and the listing inventory has decreased. Instead of having a high inventory, Victoria is seeing a balanced market. For a change, Victoria is no longer in a seller’s market.

The panic and rush has diminished for now. The real estate market is not going to remain like this forever, so buyers and sellers should take advantage of these limited time conditions. Here is a look at Victoria’s real estate market.

The Shift

Listing inventory has gone down about 7% although there are still 4,200 listings for buyers to choose from. The time to buy and sell has stabilized since the area experienced being a seller’s market in 2008. In a stabilized market as this, details of the sale can be covered and nothing is rushed in the buying process. Back when it was a seller’s market, the stress levels were higher and sales were done in a panic. Most likely a seller’s market will return in a few years.

The Reason for the Comeback

Prices are currently flat and should continue this way for a few more years. If the inventory starts to decrease and the sales keep going up, then prices will start to increase. Another aspect making this a good time to buy is that interest rates have reached a record low.

This has been part of the reason real estate sales have and will continue to gain momentum. Many investors have been looking into real estate since the stock market has been sliding. Real estate prices have dropped slightly over the last 4 years.

For sellers that are pricing incorrectly, the market won’t be good to them. Overpriced properties are not selling with the inventory over 4,000 right now. About 600 properties sell per month which means about 1 in 7 homes sell each month. Back in 2006, 1 in 3 homes actually sold every month.

This is the time to buy and sell in Victoria.