July 2, 2024 As reported by the Victoria Real Estate Board (VREB), last month a total of 661 properties sold in the region representing a 6.2 per cent decrease than the 705 properties sold in June 2023. This also heralded a 13.4 per cent decrease from May 2024.
For those sitting on the sidelines, the current trend towards a buyers market seems unstoppable but the real question is "how long can this actually last?" With unemployment rates at historic lows, the stock market near historic highs, uncertainty in US politics and inflation at or near decades long highs, the real estate market is fast becoming the under-valued darling of investment choices.
Let's analyze the market conditions in more detail. Sales of condominiums were down 16.5 per cent from June 2023 with 202 units sold. Sales of single family homes increased by 6.2 percent from June 2023 with 342 sold. The local real estate board say that overall, the busier spring markets are posed to shift into summer over the course of June, as expected.
There were 3,460 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® as of June 30, 2024 representing an increase of 3.7 per cent compared to the previous month of May and a 47.7 per cent increase from the 2,342 active listings for sale at the end of June 2023. An over-abundance of supply vis purchasers means the market continues to be a buyers market. The imperative question is "how long will this trend continue?".
The Victoria Real Estate Board reports more:
"The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2023 was $1,314,000. The benchmark value for the same home in June 2024 decreased by 1.4 per cent to $1,295,500, down from May's value of $1,309,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2023 was $567,300 while the benchmark value for the same condominium in June 2024 increased by 0.1 per cent to $567,900, down from the May value of $569,500."
Timing is everything in real estate. Book a call today and get in touch with Dan Weiss at cbanker@shaw.ca to understand what might be best for you.