Released to media today:
“The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous. With momentum building, there’s an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing.”
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 per cent compared to the previous month of April and a 23.3 per cent increase from the 1,776 active listings for sale at the end of May 2022.
“The return of consumer confidence we indicated last month appears to be staying strong,” adds Sol. “The slight uptick in inventory means there is more selection, though of course on well-priced properties buyers need to come prepared to move at pace with the help of their REALTOR® to ensure they are well positioned in the current market.”
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 per cent 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 per cent to $569,300, which is up from the April value of $564,000.