Property sales are down, according to market experts

Price of average single family home rose 10 per cent in 2017

Sales are down according to the Victoria Real Estate Board.

Compared to this time last year, 16 per cent fewer properties were sold in August 2017. Victoria Real Estate Board President Ara Balabanian is surprised. “I expected inventory numbers to be climbing by now, but instead we’ve seen even lower numbers of listings on the market,” he said in a press release.

The pressure on pricing in areas in high demand as well as buyer fatigue is likely contributing to the low sales, he added.

While the past two years have been a busy period for real estate in the Greater Victoria area, Balabanian doesn’t think the drop in numbers indicates a change in property values.

There were 1,917 properties for sale in August 2017, and the average benchmark value for a single family home was $823,100.

The overall Home Price Index shows a small month-to-month decrease. But, Balabanian said for certain types of properties, the HPI is up. Compared to the previous month, condos have seen a 0.5 per cent increase in value and single family homes in North Saanich have increased by almost 1 per cent.

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