Home Sales in Victoria Increased in May, 2019
Home sales in Victoria increased month over month, according to the latest statistics from the Victoria Real Estate Board (VREB) in its monthly report for May, 2019.
Sales volume increased in May. A total of 848 properties sold in Greater Victoria in May 2018, 12 per cent more than the 755 properties were sold in May 2018 and a 22 per cent increase from April 2019. In May, sales of condominiums were up 3 per cent from May 2018 with 244 units sold; condo sales increased by 20 percent compared to the previous month, April 2019.
Single-family home sales increased by nearly 10 per cent from a year earlier in May 2018, with 445 sold.
Real estate sales volumes for May 2019 marked a return to average levels, according to VREB.
“May sales have ranged from a high of 1,289 in 2016 to a low of 441 in 1990, which is the year our detailed records began,” said VREB in its May 2019 update. “This (past) month with 848 sales we are very close to the ten year average for overall sales in May, which is 813 properties. We are off from the ten year average in May for active listings, which is 3,838, with 3,019 active listings last month. The lowest number we’ve tracked is from 2017, when May of that year saw 1,896 active listings.”
While Greater Victoria is not experiencing an all-time low in terms of active listings, according to VREB anything new and desirable coming into the market that is appropriately priced can sell quickly and would still see multiple offers.
“According to established sales to listing ratios, we are in a more balanced market than in previous years, but it is a complicated market to navigate,” said VREB.
There were 3,019 active home sales in Victoria on the VREB Listing Service (MLS) at the end of May 2019, an increase of 10 per cent compared to the month of April and a 26 per cent increase from the 2,394 active listings for sale a year earlier, at the end of May 2018.
According to VREB, the benchmark average value for a single family home in Greater Victoria in May 2019 was $860,800, a 2 per cent decrease from a year earlier in May 2018, when the average price was $886,20.
However, the MLS benchmark value for a condominium in Greater Victoria increased; in May 2018 the benchmark value was $506,100, while the benchmark value for the same condominium in May 2019 increased by nearly 3 per cent to $519,300, higher than the April 2019 value of $512,700.
“We are seeing lower activity than we have experienced in recent years for spring home sales,” said VREB in its May 2019 update. “Of course, this is not surprising given consumers are impacted by the B20 mortgage stress test, as well as ongoing lower inventory levels. Despite this, we have seen an increase in May for sales over last year. Prices remain strong in the lower price ranges, with little change in our benchmark prices when compared to last year.”