April 2017 Market Update

Dockside Update: April 2017

Victoria, Number of Listings
April 30, 2017 - 1690 (down 34.8%)
April 30, 2016 - 2594
Benchmark Home Value: Victoria Core
2017 - $805,100 (up 17.5%)
2016 - $684,900

When inventory is lower and demand is high - prices typically rise, as shown in the Victoria Analysis data above.  However, the Multiple Offer situation in Victoria has cooled down slightly in the last week, while buyers reassess the hot market.

Unfortunately, the Victoria Real Estate Board does not provide similar stats for the Gulf Islands.  While we know our inventory is down from last year, we can not search the MLS database for where we were in listing numbers for the same time last year, nor what the average pricing was and is for a home in the Gulf Islands.  This is something we have been complaining about to our Board for many years and will continue to lobby for this.

The Pender Island real estate market is currently very busy and prices appear to be on the rise.  Buyers are very sophisticated and watch our market carefully.  Many are prepared to pay more for premium properties that are in 'move-in' condition.  In all markets, important pricing is still paramount. If a property is priced too high it can sit on the market too long, taking a negative toll on the final sales price. It's essential to put care when setting a price to make a quick sale for the best price the current markets can offer.