Welcome to the Victoria Market Minute, our weekly 1 minute look at what’s happening in Greater Victoria real estate and what it means if you’re thinking about buying or selling.
We're seeing some encouraging signs in Greater Victoria's housing market, with sales improving across all three major property types.
Single-family home sales have picked up considerably over the past couple of weeks, while the number of homes available for sale has declined. Townhomes are also doing better, with sales recovering from their September lows and now running close to last year's pace.
Even condos, which have been struggling recently, are showing some improvement. Sales have increased and inventory has edged lower, although condo buyers still have considerably more choice.
Across the broader market, sales have increased by about 18% since late September. That's encouraging, but we're still running about 10% below the same time last year.
One important distinction is that selling prices haven't shown the same improvement. Median prices generally remain softer than last year, particularly for single-family homes and townhomes. More homes are selling, but that doesn't necessarily mean buyers are willing to pay more.
Some of the recent improvement may reflect activity returning after Thanksgiving, so we'll want to see whether this momentum continues.
For buyers, there are still opportunities and room to negotiate, particularly with condos. For sellers, the improvement in activity is welcome news, although realistic pricing remains important.
Follow us for a new Victoria Market Minute each week and keep up with what’s happening in our local real estate market.
Grant Walker | Karl Leong | Mark Roozendaal | Leanne Benedict
The Preferred Homes Team | RE/MAX Camosun
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