The condominium market is hot right now, although not across the full spectrum of available inventory. If you’re trying to sell a downtown Victoria studio or one-bedroom apartment, chances are you’ll have low traction. If you have a two-bedroom, two-bath unit for sale in a suburban neighbourhood you will have buyers lining up.”
The high interest rate environment has driven investors away from entry level condos, typically a primary target among small-time landlords, while owner-occupiers of studio and one-bedroom units are cautious about the downtown market where the prevalence of condominiums are situated. This has created a bump in inventory and downwards pressure is likely for sellers who must liquidate their holdings
If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase. All indications are leading towards a busy summer market.
Though we are seeing some multiple offers in our market, these situations are dependent on a number of factors including price, competition, area, condition of home, etc. Overall, consumer confidence in the market has returned. Accurately priced homes are selling quickly and close to list price. Homeward Bound Real Estate Team can help you understand the pulse of the market should you be contemplating buying or selling this summer.
Victoria property sales jumped in April to deliver 775 sales via MLS.
Market activity was so strong in April that it outpaced each of the last six months, November 2022 (384 sales), December 2022 (320 sales) and January 2023 (278 sales), February 2023 (460 sales), March 2023 (590) and April 2023 (637).
Active listings reached 2,189, which remains a significantly LOW inventory volume compared to longer-term averages pushing 4,000.
By the numbers, 399 single-family-home sales on MLS saw an average price of $1,297,600 surpassing averages for the last six months, to land just over August 2022’s figure of $1.274m. The all-time high average price point in Victoria was set in April of 2022 at $1, 432,29. April’s condominium market declined to $569,300 which is up from the Aprils value of $560,300. The benchmark price for a condo in March 2022 was