A total of 457 properties sold in the Victoria Real Estate Board (VREB) region throughout the month of May — more than 40 per cent fewer than the 848 properties sold in May of 2019. THE CANADIAN PRESS Jonathan Hayward

Number of property sales down by 40 per cent when compared to last year

Value of single-family home, condominium in Victoria up from last year despite pandemic

Greater Victoria’s residential real estate market is struggling coming out from the coronavirus shutdowns.

In May, 457 properties sold in the Victoria Real Estate Board region – more than 40 per cent fewer than the 848 properties sold in May 2019.

“Activity in real estate right now echoes the activity in our broader community – as restrictions gradually begin to lift – so too have our sales and listings numbers. Of course, like any industry, we do not expect a sudden shift back to any kind of normal,” Sandi-Jo Ayers, VREB president, said in a statement.

And while property sale statistics are down in May from last year, the number is actually a 59.2 per cent increase from the total number of properties sold in April 2020. Sales of condominiums were down 55.7 per cent from May 2019, with 108 units sold and sales of single-family homes were down 42.9 per cent from May 2019 with 254 sold.

“One theme that persists in our market is that well-priced properties in high demand areas continue to see multiple offers. Demand exists and we continue to have motivated buyers searching for their perfect home,” Ayers said.

As of the end of May, there were 2,544 active listings for sale.

According to the Multiple Listing Service Home Price Index, the value for a single-family home in Victoria has increased by 2.6 per cent from last year, along with a 3.5 per cent for condominiums.

For more statistics go online to vreb.org.

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