September continued the summer trend of a slight decline in home sales.

A total of 640 properties were sold last month in the Victoria Real Estate BoardB次元官网网址檚 (VREB) region. ThatB次元官网网址檚 roughly 18 per cent less than the 781 properties that sold in September 2016. B次元官网网址淲e can certainly feel the difference in the current market when we compare to last yearB次元官网网址檚 record breaking numbers. Last year the pace of the market was intense, there was a lot of pressure on pricing and demand,B次元官网网址� said Ara Balabanian, VREB president, in a statement. B次元官网网址淣ow the tempo of the market is trending slowly B次元官网网址� very slowly B次元官网网址� towards more balanced conditions. Recently weB次元官网网址檝e seen overall price increases level out, which can indicate slightly less demand, and inventory is building.B次元官网网址�

At the end of September there were 1,976 active listings for sale in the region, which represents an increase of roughly three per cent compared to August. But thatB次元官网网址檚 still roughly four per cent fewer than the 2,061 active listings for sale at the end of September 2016.

B次元官网网址淪imply because weB次元官网网址檝e seen sales drop from last year is not dire or unexpected news for our local real estate market,B次元官网网址� Balabanian added. B次元官网网址淭he 10 year average for sales in September is 573 properties and the month exceeded that average by more than 10 per cent, which indicates weB次元官网网址檙e still in an active market. And of course there are neighbourhoods that are still tracking up in terms of value from last year. ItB次元官网网址檚 for reasons like these that now more than ever it makes sense to seek the assistance of a local realtor to sell or buy your home. B次元官网网址�

The Multiple Listing ServiceB次元官网网址檚 home price index benchmark value for a single family home in the Victoria core continues to rise. Last month the benchmark was $823,100, an almost 11 per cent increase from $742,200 in September 2016.

editor@goldstreamgazette.com