There were 2,043 active listings for sale in the Victoria area at the end of April 2023, an increase of 3.7% compared to March and a 49.7% increase from the 1,365 active listings for sale at the end of April 2022. A total of 637 properties sold in the Victoria Real Estate Board region this April, an 8% increase from March 2023.
Sales numbers for this April are more moderate than the higher levels we've seen in recent years. We are in a familiar market pattern, where the majority of sales for the year occur in the spring. While we've seen an increase in sales over the previous month, we're not expecting a return to record setting activity. Our inventory levels continue to be very low and new properties are slow to come onto market. More inventory is needed to balance the supply against spring demand. The good news is that prices have stabilized for now. If listings do not pick up over this season, there is a risk that the price stabilization could turn and we could see prices increase.
Sellers should seek clarity on what to expect during their transaction as this spring market continues to evolve. Overall, consumer confidence in the market has returned. Accurately priced homes are selling quickly and close to list price.
We are seeing multiple offers in our market, these situations are dependent on a number of factors including price, competition, area, condition of home, etc.
I can help you understand the pulse of the market should you be contemplating buying or selling this spring. Reach out anytime.