Published On: Wednesday, 17 May 2017
Victoria Housing Inventory Edges Up, Sales Remain Constrained
- The Victoria Real Estate Board represents 1,360 local realtors in the Greater Victoria area, it focuses on the development of standards and innovative programs to enhance the professionalism of realtors.
GREATER VICTORIA - "The numbers we saw in April are a further indication that the market is gradually moving towards a more balanced state compared to the record setting pace of 2016." says 2017 Board President Ara Balabanian.
A total of 885 properties sold in the Victoria Real Estate Board region this April, 31.2 per cent fewer than the 1,286 properties sold in April last year. The ten year average for sales in April is 772 properties.
"We are starting to see hints of a more traditional spring market. Local agricultural production has been delayed due to the late spring, and so has the local real estate market," says Balabanian, "More sellers listed their homes for sale over the month of April compared to the month previous."
There were 1,690 active listings for sale on the Victoria Real Estate Board Multiple Listing Service (MLS) at the end of April 2017, an increase of 8.6 per cent compared to the month of March, but 34.8 per cent fewer than the 2,594 active listings for sale at the end of April 2016.
"Inventory is still low, which means that buyers may encounter multiple offer situations in some of the high demand areas - there is still more demand than supply," says Balabanian.
The MLS Home Price Index benchmark value for a single family home in the Victoria Core in April 2016 was $684,900. The benchmark value for the same home in April 2017 has increased by 17.6 per cent to $805,100.