The Greater Victoria real estate market is on the fast-track to recovery after a sluggish start to 2023.
A total of 775 properties sold in the Victoria Real Estate Board region this past May, 1.8 per cent more than the 761 properties sold in May 2022 but a whopping 21.7 per cent increase from April 2023.
This high mark for sales comes with an increase in the inventory, according to the Victoria Real Estate Board.
One property that shows the health of the market is a house that’s for sale at 1212 Dallas Rd. The house is small by the standars of new construction (it was built in 2016) at just 2,600 square feet and three bedrooms.
But it’s on sale for a whopping $3,150,000 – one of the most expensive houses on the market in Victoria.
Of course, the location might have something to do with the price. Or, more precisely, the killer, unobstructed view of the the ocean from the entire front side of the house. The house also comes with a heat pump/AC unit and an open concept. The house was sold in 2017 for $2,260,000, which shows how the market has bounced back as far as price.
Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single-family homes increased 8.7 per cent from May 2022 with 399 sold.
“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, in a statement. “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.”