Get ready for the latest real estate statistics! The April Victoria Real Estate Market Update had a total of 637 properties that were sold in the Victoria Real Estate Board region, marking an 8% increase from March 2023 but a 22.7% drop from the same time last year. Condo sales were down 21.8%, while single-family home sales decreased by 19.4%.
Keep in mind that the majority of sales for the year occur in the spring. Although this year’s sales are not expected to break any records. The Victoria Real Estate Board Chair, Graden Sol, explains that the slow growth in inventory numbers has caused prices to stabilize for now. However, there is a risk that they could increase if new listings don’t pick up over the season. As always, your REALTOR® can help you understand the current state of the market, whether you’re looking to buy or sell this spring. With consumer confidence back, accurately priced homes are selling fast and close to list price.
April Monthly Sales Statistics
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 per cent 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 per cent to $565,000, which is up from the March value of $560,300.
Dave Brown Real Estate’s Take
When you purchase a home in the spring months, you will be able to enjoy the summer months in Victoria without the stress of house hunting. The months of June through August promise to be sunny, warm, and dry, which makes it the perfect time for outdoor activities such as hiking, biking, and water sports.
In conclusion, this spring presents an excellent opportunity for homebuyers looking to purchase a home in Victoria. Consumers can take advantage of a balanced market, affordable prices, low-interest rates, and an excellent quality of life. By working with Dave Brown, a trusted realtor in Victoria, BC, buyers can access a wealth of experience and knowledge to make the home buying process seamless and stress-free. I encourage you to take advantage of this opportunity, and let’s start the journey towards owning your dream home!