May Real Estate Market Report

Home Sales in Victoria

The Single Family market in Victoria BC is HOT, So home Values have changed in most neighbourhoods in Victoria. Maybe time to find out what your home is worth?

A shortage of homes for sales is creating a Hot market for home sellers, meaning homes sell very quickly and usually for more money than they are listed for. With so many Buyers competing to buy a home often we have been seeing many Buyers Bidding the price. Often at over $100,000 of the asking price…Well that was the case earlier this Spring.

Home owners hearing about homes selling at crazing prices are throwing their homes on the market at maybe unreal asking prices. Many Home Buyers are now saying Whoa!! I’ll wait this one out, I lost out on trying to buy the last 5-6 homes I made offers on.

So in many cases Buyers are now reluctant to bid or make an offer on a home when sellers are asking for the moon. Is the Real Estate market in Victoria Back to normal? Well not just yet. Sellers are now accepting Conditional offers(Subject to financing building inspection are back on the table). 

The Victoria real estate inventory is still low and its Summer(heat wave last week) so sales have slowed down. COVID Restrictions have been relaxed and many consumers are taking the Summer time to get back to normal, seeing friends and families.

Let’s see what September brings, our next busy time. With record low mortgage interest rates and low housing inventory Home Prices will continue to climb, just maybe not as fast as this past year.

So Is the Victoria Real Estate market still Hot for home sellers? Time will tell. 

Call me 250-413-7042 if you are thinking about Selling your home now or in the near future and let’s discuss how much your home is worth in our current market place.

Check out my YouTube Video Real Estate Is Hot Below and please subscribe to my YouTube Videos > Here