Victoria Real Estate: April Statistics

The Victoria Real Estate Board has released the stats for April in the Greater Victoria Real Estate market. So far this year, we’re still seeing a slower than usual start to the ‘spring market’. Similar to last year, things really started to pick up in May and June, so we’re anticipating that will happen again this year. Just in the past week, our office has seen as many sales as we saw in the 3 weeks prior. We’re definitely feeling the pace pick up around here!

Although we are seeing a slower start, we’re not seeing prices decrease. Likely due to the continued low inventory in the Greater Victoria Real Estate market. Overall, in April 2018, we saw 774 properties sold, compared to 885 in April 2017.

As for condos, we saw a decrease in number of sales with 225 condos sold in April 2018 compared to 287 sold in April 2017. However, the same stands for condos, the average sale price works out to be $438,347 in April of this year, an 8% increase.

“We continue to see low inventory in our market, and good homes in desirable locations are still seeing multiple bids,” adds President Kerr. “One interesting development we are tracking is the increase of prices in a market of fewer sales. Part of the reason for this is that there is strong pressure on lower-priced properties. After the new mortgage rule changes this year, many consumers have seen a reduction in their buying power, so more are competing for lower-priced properties and in multiple offer situations, pricing is pushed up. Our area just doesn’t have the supply or mix of homes needed to meet the demand. We are working with government at all levels to identify ways to meet this demand in the CRD.”

To read the full statistical release from the Victoria Real Estate Board, check it out here: http://www.vreb.org/current-statistics

If you are looking to purchase or sell a property in the current market, or in the future, get in touch with The Condo Group for expert insight and advice at 250-382-6636.

— Amy Francoeur