Amazing news for the Real Estate industry!
I was just reading the latest stats out of our Victoria Real Estate Board. We have had another record month of home sales here in the Greater Victoria area. Kudos to every REALTOR® in the area!
They have been working flat out, bringing transactions to completion, and turning over keys to happy new homeowners. A total of 883 properties sold in the Victoria Real Estate Board region this August, which is an increase of 19.2 per cent compared to the 741 properties sold in August last year.
However, for every new happy homeowner we probably have another three or four anxious buyers looking for something to buy. I think every real estate professional I know is working with several buyers in the quest for property. We are short on inventory!!
Levels remain lower than last year, with 2,094 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2016, 43.2 per cent fewer than the 3,688 active listings at the end of August 2015. There are not enough properties for sale to satisfy the number of buyers out there. Simple economics means that shortages in supply drive the prices up.
If you have been sitting on the fence about selling your home, now may be the time to jump in! It’s a seller’s market. We are seeing that properties that are priced properly are selling like hot dogs at a fair! Why wait? Here’s what we do know - the market is hot right now, but none of us has a crystal ball and none of us knows what will happen in the market place in six months. (I did ask for a crystal ball for Christmas last year, but sadly did not receive!)
Seriously, if you have thought about listing your home, give me a call or drop me an email. Let’s discuss the realities, the options, the price and go from there. You would be making that buyer who has been eyeing your home very happy! Statistics courtesy of VREB