June 2023
The Victoria Real Estate market is slowly picking up this spring but mostly in certain high demand locations. The high interest rates are keeping sales and prices flat throughout most of the region, including the Westshore. Victoria and Saanich are experiencing an uptick in certain high demand areas resulting in some price increase due to an increase in multiple offer situations. The effects of the latest interest rate increase last week may slow the momentum and lead to a slower summer market. Definitely interesting times
Below are some of the statistics for May 2023
Listing Inventory:
There were 2,189 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2023, an increase of 7.1 % compared to the previous month of April and a 23.3 % increase from the 1,776 active listings for sale at the end of May 2022. While the number of homes for sale is increasing, the pace of this increase is not enough to create a Buyers market which is leading to increased demand and multiple offer situations in a number of areas throughout Greater Victoria. Some locations have an over supply of listings, so homes must be priced well to create interest in these areas and price points. Other locations are experiencing a lack of supply leading to multiple interest and nominal price increases. In other words, the Buyer or Sellers markets vary depending on regions which is unusual in typical market conditions.
Sales:
A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 % more than the 761 properties sold in May 2022 and a 21.7 % increase from April 2023. Sales of condominiums were down 0.8 % from May 2022 with 248 units sold. Sales of single family homes increased 8.7 %from May 2022 with 399 sold. Sales increased slightly in May compared to 2022 but increased significantly from last month which is a positive sign for the market overall. Single family numbers are stronger than the condo market at this point in time.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2022 was $1,424,000. The benchmark value for the same home in May 2023 decreased by 8.9 % to $1,297,600, which is up from April’s value of $1,295,800. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2022 was $619,500, while the benchmark value for the same condominium in May 2023 decreased by 8.1 % cent to $569,300, which is up from the April value of $564,000. While condo and single family home prices were up from the previous month, the increase is very modest the latest increase in interest rates will likely continue this flatline pricing for the coming months. .
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
