April Victoria Market Recap
(from May Newsletter)
2016 was busier but we're feeling
the heat more now
Last April the world ground to a halt, so yes, sales have certainly increased over last year, a substantial 111% for Condos and 88% for Single Family Homes- but it’s necessary to look back to previous years and compare trends to get a more accurate picture.
Over the past 5 years, average April sales were 896 with 2016 having the highest number of sales at 1,286. For comparison, April 2021 had a total of 1,116 sales… so not that far off!
What is strikingly different, however, is the amount of inventory available. The previous five-year average for active listings was 2,596, and this April the average was around 1000 homes LESS than that, ending the month with 1,454 active listings.
There has been a great increase in consumer demand for homes in the Greater Victoria area that has pushed prices upwards and increased the number of multiple offer situations and unconditional offers on listed properties. These can be scary and unfamiliar situations, even to seasoned home buyers, and working with an experienced Realtor, like myself, can ensure your best interests are taken care of.
Total sales: 1,116
New listings: 1,516
Active listings: 1,454
SFH, Victoria Core $996,500
(12.6% increase over last April and 2.9% increase over last month)
New listings: 667
Active listings: 2,305
SFH, Victoria Core $884,600
The imbalance in the Victoria market is due to limited housing supply with new builds and projects taking time. There are a number of new, community-focused areas in development right now that I am excited about. I mention some of them in my newsletter video above, and I’d be happy to chat with you more about these and where I see the biggest opportunities.
In addition to whatever your real estate needs may be, do not hesitate to reach out if you need any recommendations for contractors or home services. I'd be happy to provide some of my favourites.
Have a fantastic May and enjoy all the new blooms!