Monthly Market Update
Here is a Victoria real estate market update for the month of May.
Home sales remained steady but subdued throughout April with 739 residential units sold compared to 656 during March. This represents a drop from last year’s numbers for April of 846 residential units sold.
Despite a relatively slow-moving market, prices remain on a trend of gradual increase. Historically spring is the busiest season for real estate in Victoria, so we might see activity increase as we move toward summer. Interestingly, over the past month I have noticed certain areas in Greater Victoria seem hotter than the city average with properties consistently selling well over listing price. Specifically, the Gorge-Tillicum area has been a remarkably hot market with single family detached properties fetching premium dollar. For instance, take a look at this listing that sold $101,000 over asking:
Below I have assembled a number of Canadian real estate news stories from last month that caught my eye:
"B.C.'s commercial real estate sales smash records in 2017"
As always, if you are interested in learning how the current market conditions affect you or your investments, would like a market analysis of your property, or if we can be of assistance in any way at all, please don’t hesitate to give us a call (250-886-8520) or send us an email (firstname.lastname@example.org).
Island Homes Group