Spring market begins to grow just in time for Summer.
The month of May marks the highest number of sales we’ve seen since April of of 2022. While we haven’t seen the number of total sales we would expect in a spring market, the month of May marks the fourth consecutive month with sales higher than the month previous.
There is an indication of consumer optimism in the market heading into June, however, if the lack of homes for sale persists and inventory is not added, there may be a return to an overheated market with pressure on pricing.
A total of 775 properties sold in the Victoria Real Estate Board region this May, 1.8 per cent more than the 761 properties sold in May 2022 and a 21.7 per cent increase from April 2023. Sales of condominiums were down 0.8 per cent from May 2022 with 248 units sold. Sales of single-family homes increased 8.7 per cent from May 2022 with 399 sold.