See video below for all of April’s stats relating to single family homes, townhouses, condos and waterfront properties.
Although sale numbers are more moderate than in recent years, we are in a familiar cycle where a large majority of sales are happening during Spring. Inventory levels continue to be lower than normal with new properties being slow to come to market resulting in an imbalance of supply vs. demand. There were 2,043 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2023, an increase of 3.7 per cent compared to the previous month of March and a 49.7 per cent increase from the 1,365 active listings for sale at the end of April 2022.
We are seeing some multiple offers in our market; however, these situations are dependent on several different factors. Price, current competition, area & neighbourhood and the condition of a home are all factors taken into consideration by prospective buyers.
Overall, buyer’s confidence in the market has returned and accurately priced homes are selling quickly and close to asking price, if priced correctly. Sellers should seek clarity on what to expect during their transaction as our Spring market continues to progress. Source: VREB