Looks like the Spring market is beginning to grow just in time for summer!
A total of 775 properties sold in the Victoria Real Estate Board region this May, which is 1.8% more than the 761 properties sold in May 2022 and a 21.7% increase from April 2023. Sales of condominiums were down 0.8% from May 2022. Sales of single family homes increased 8.7% from May 2022 with 399 sold.
The month of May marks the highest number of sales we’ve seen since April of last year. 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. With momentum building, there’s an indication of consumer optimism in the market heading into June. However, if the ongoing lack of homes for sale persists and inventory is not added, we risk a return to an overheated market with pressure on pricing.
There were 2,189 active listings for sale on the Victoria MLS in May 2023, an increase of 7.1% compared to the previous month of April and a 23.3% increase from the 1,776 active listings for sale at the end of May 2022.
The return of consumer confidence that was indicated last month appears to be staying strong.
Please reach out to discuss further or if you are ready to buy or sell.