The Victoria Real Estate Board says the market is rebounding locally and several new and high-priced listings are now popping up.
A total of 590 properties sold in the Victoria Real Estate Board region this March. Now that is 29.2 per cent fewer than the 833 properties sold in March 2022, but itB次元官网网址檚 a 28.3 per cent increase from February 2023.
B次元官网网址淲eB次元官网网址檝e seen our sales numbers this month almost double from January,B次元官网网址� said Victoria Real Estate Board chair Graden Sol.
Listings have been relatively stagnant during the past couple of months, but Realtor.ca shows some new ones asking for top dollar.
This includes a 1912 house at 1069 Beach Dr. that has been listed for a whopping $11.5 million despite looking like it hasnB次元官网网址檛 been updated in decades (see the photo of the kitchen, which has some funky colours).
The price might be more based on the size of the property than the condition of the house. ItB次元官网网址檚 located on 2.92 acres of waterfront, B次元官网网址渂eautifully adorned with stunning gardens, created by the family who founded VictoriaB次元官网网址檚 own Butchart Gardens.B次元官网网址�
B次元官网网址淭his magnificent 8,970 square foot stone manor offers spectacular ocean views throughout the principal rooms and master suite,B次元官网网址� reads the listing. B次元官网网址淲alk over 277 feet of waterfront with breathtaking views of San Juan Island and Mt. Baker. In this sought-after Beach Drive neighbourhood, you will fall in love with this prestigious 1912 home, which is nestled only steps away from the Victoria Golf Course.B次元官网网址�
Sales of condominiums were down 29.4 per cent from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 per cent from March 2022 with 281 sold.
B次元官网网址淎s we move further into spring, we expect that the return to confidence weB次元官网网址檝e seen in the market will continue,B次元官网网址� Sol said. B次元官网网址淲hat we canB次元官网网址檛 predict is what the overall impact on pricing will be if we continue to see quite low inventory across our community. Some pockets of our market are busier than others.B次元官网网址�
There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of March 2023, an increase of 8.9 per cent compared to the previous month of February and an 85.3 per cent increase from the 1,063 active listings for sale at the end of March 2022.
B次元官网网址淒emand is recovering,B次元官网网址� adds Sol. B次元官网网址淐ompared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. Inventory continues to trend lower than long term averages. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again. We have been talking about the need for supply to help moderate pricing for a long time. Premier EbyB次元官网网址檚 announcement this week about the provincial governmentB次元官网网址檚 Homes for People action plan reflects an increasing awareness of the importance of supply. We need all levels of government to continue to focus on solving our market housing crunch, so we do not return to the high-pressure markets of the recent past.B次元官网网址�
The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 per cent to $1,236,200, down from FebruaryB次元官网网址檚 value of $1,247,200. The MLS HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 per cent to $560,300, down from the February value of $568,200.
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