A late spring bloom for Victoria real estate market
June 3, 2019 A total of 848 properties sold in the Victoria Real Estate Board region this May, 12.3 per cent more than the 755 properties sold in May 2018 and a 21.8 per cent increase from April 2019. Sales of condominiums were up 3 per cent from May 2018 with 244 units sold and were up from April 2019 by 20.2 per cent. Sales of single family homes were up 9.6 per cent from May 2018 with 445 sold.
“We are seeing lower activity than we have experienced in recent years for spring home sales," says Victoria Real Estate Board President Cheryl Woolley. “Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year. Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year.”
There were 3,019 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2019, an increase of 9.7 per cent compared to the month of April and a 26.1 per cent increase from the 2,394 active listings for sale at the end of May 2018.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2018 was $886,200. The benchmark value for the same home in May 2019 decreased by 2.9 per cent to $860,800, higher than April’s value of $843,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in May 2018 was $506,100, while the benchmark value for the same condominium in May 2019 increased by 2.6 per cent to $519,300, higher than April's value of $512,700.
“May sales have ranged from a high of 1,289 in 2016 to a low of 441 in 1990, which is the year our detailed records began,” adds President Woolley. “This month with 848 sales we are very close to the ten year average for overall sales in May, which is 813 properties. We are off from the ten year average in May for active listings, which is 3,838, with 3,019 active listings last month. The lowest number we’ve tracked is from 2017, when May of that year saw 1,896 active listings. Though we’re not at an all-time low in terms of active listings, anything new and desirable coming into the market that is appropriately priced can sell quickly and we still see multiple offers in these situations. According to established sales to listing ratios, we are in a more balanced market than in previous years, but it is a complicated market to navigate. If you’re considering buying or selling, it’s a good time to connect with your local REALTOR® to discuss the market and your best approach.”
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