The Victoria Real Estate Board recently released their sales numbers for April 2023. A total of 637 properties were sold, which is a decrease of 22.7% compared to the 824 properties sold in April 2022. However, sales did increase by 8% from March 2023. Sales of condominiums were down 21.8% from April 2022 with 205 units sold, while sales of single-family homes decreased by 19.4% with 325 sold.
According to Graden Sol, the Victoria Real Estate Board Chair, the sales numbers for this April are more moderate than the higher levels seen in recent years. He explained that the majority of sales for the year occur in the spring and that the current market pattern is familiar. Sol stated that more inventory is needed to balance the supply against spring demand, as inventory levels are very low and new properties are slow to come onto the market. He emphasized that prices have stabilized for now but warned that if listings do not pick up over this season, there is a risk that price stabilization could turn and result in price increases.
As of the end of April 2023, there were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service, which is an increase of 3.7% compared to the previous month of March and a 49.7% increase from the 1,365 active listings for sale at the end of April 2022.
Sol emphasized that sellers should seek clarity on what to expect during their transaction, as multiple offers in the market are dependent on a number of factors including price, competition, area, condition of the home, and others. He advised that consumer confidence in the market has returned and that accurately priced homes are selling quickly and close to list price. Your REALTOR can help you understand the pulse of the market should you be contemplating buying or selling this spring.
The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria Core in April 2022 was $1,424,900. The benchmark value for the same home in April 2023 decreased by 11.3% to $1,264,200, which is up from March’s value of $1,236,200. The MLS HPI benchmark value for a condominium in the Victoria Core area in April 2022 was $630,200, while the benchmark value for the same condominium in April 2023 decreased by 10.3% to $565,000, which is up from the March value of $560,300.
While sales numbers for April 2023 are down compared to the previous year, the Victoria real estate market is showing signs of stabilization. With inventory levels slowly increasing, buyers may have more options to choose from. It is always advisable to consult with a professional realtor such as Brad Maclaren, Victoria BC’s top realtor to navigate the market and make informed decisions.