ItB次元官网网址檚 slim pickings if youB次元官网网址檝e been looking at real estate listings lately and if youB次元官网网址檙e an agent, youB次元官网网址檙e probably looking at those listings multiple times per day.

In fact, inventory levels remain a fraction of what they were last year. As of Monday, the Victoria Real Estate Board Multiple Listing Service reported only 1,832 active listings, down almost 100 from the end of October. That number is also down from the almost 3,000 listings that were on the books in November 2015.

Julie DeMelo of Sutton Group Westcoast Realty noted those numbers include everything from condos to townhouses to single-family homes.

B次元官网网址淭hereB次元官网网址檚 hardly anything to choose from. ThatB次元官网网址檚 why we have this crazy busy buying frenzy,B次元官网网址� she said.

She pointed to one of her recent listings. It went on the market on a Thursday and she had an accepted offer by Sunday. Over the course of the weekend she saw 80 people come through the doors of that home. B次元官网网址淚 did a morning open house B次元官网网址� which I never do B次元官网网址� and I still had 40 people on Saturday and 40 on Sunday,B次元官网网址� she said.

She noted some sellers are even waiting for several days to look at offers to allow for more to come in and create a bidding war.

B次元官网网址淲e have all these buyers and nothing to show them,B次元官网网址� DeMelo said. B次元官网网址淥nce we get more inventory, things may start to change.B次元官网网址�

Until then, she said, the limited selection is forcing agents to get creative when trying to find clients a new home. Where DeMelo once checked the listings once a day or so, she now looks at them seven or eight times a day, at different times, just to see if anything new is available. B次元官网网址淚B次元官网网址檓 looking at whatB次元官网网址檚 coming on every few hours,B次元官网网址� she said. B次元官网网址淲e have to keep our eyes open.B次元官网网址�

While she noted a lot of experts predicted the market would change with the new mortgage rules that recently came into effect, DeMelo said she hasnB次元官网网址檛 seen anything change.

B次元官网网址淎 lot of buyers have just given up,B次元官网网址� she said of those struggling to find the right home.

Some buyers have walked away from entering the market because they canB次元官网网址檛 afford the rising prices or the high down payments needed, while still others are holding out until the spring, hoping that more homes will come on the market then.

But unfortunately, recent trends have seen inventory numbers slowly decline. B次元官网网址淚f we have less and less that will drive the demand up,B次元官网网址� DeMelo said. B次元官网网址淭hereB次元官网网址檚 still buyers B次元官网网址� (but) there isnB次元官网网址檛 much available to grab.B次元官网网址�

If youB次元官网网址檝e been considering downsizing, selling a rental property or are looking to get out of the market, she added, B次元官网网址渋tB次元官网网址檚 an absolutely fantastic time to sell your house.B次元官网网址�

In October 2015, according to the MLS Home Price Index, the benchmark value for a single family home in the Victoria core was $608,200. In October 2016, the benchmark value for the same home was $755,000.

B次元官网网址淲e continue to see low inventory hindering sales in the local market,B次元官网网址� Victoria Real Estate Board president Mike Nugent said in a statement.

B次元官网网址淭hough our numbers are down from the record-setting pace set this summer, the market is still moving quickly and is still very competitive for certain properties. High demand areas like Saanich and Oak Bay continue to see multiple offers and areas in the West Shore are also seeing sales over listed prices. In other areas, prices remain firm because of high demand and extremely limited inventory.B次元官网网址�

While DeMelo stopped short of trying to predict how long the market will continue at this brisk pace, she did note, B次元官网网址渨eB次元官网网址檝e had a couple amazing years B次元官网网址� (and) this may go on.B次元官网网址�

katie@goldstreamgazette.com