A Year In Review
Posted by Capital City Group on
The trend in 2019 of year over year sales growth continued in December with a 7.2% increase in sales volume from December 2018. Condo sales were up 17.5% and single family home sales grew 13.8%. The sales to active listings ratio for December was 20.6%, right on the threshold of a balanced and seller’s market and strong for what is traditionally the slowest month of the year. Sales of 402 units with 1952 active listings.
Year over year Benchmark pricing was relatively flat, with Victoria single families dropping by 0.6%,
2019 total sales were marginally higher than 2018, with a slim 1.47% gain, with much of the increase coming in the later half of the year as consumers regained confidence in the market after the slow down, coupled with low inventory levels which continued into and through December 2019.
What will the new year bring? Well if I had a crystal ball I’d be buying lottery tickets as well as selling real estate but I’m afraid I don’t. However history tends to repeat itself. I expect this year to bring a reasonably balanced year for both buyers and sellers, with more activity and periodic multiple offers for entry level and mid level housing that’s priced right, and ongoing slow movement at the top of the market. The continued low inventory levels however will put supply pressure on the market, and may stimulate more than anticipated bidding wars and price increases, driving prices up again.
The housing market continues to respond to the demand for more “affordable” housing with municipalities and builders alike pushing smaller footprint, condos and townhouses to market, and the buyers picking up these much-needed options quickly.
It will be interesting to reflect on these predictions in August. A balanced market with low inventory levels but little upward pressure on pricing offers opportunities for both buyers and sellers. If you’d like to discuss the market and see what opportunities might be available for you don’t hesitate to contact me.