Property sales were up last month compared to March but were down year over year.
A total of 637 properties sold in the Victoria Real Estate Board (VREB) area in April – an eight per cent increase from March but down 22.7 per cent from the 824 sold in April 2022.
Year over year, condo sales were down 21.8 per cent with 205 sold and single-family home sales decreased 19.4 per cent from April 2022 with 325 sold.
“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,” said VREB chair Graden Sol in a statement.
There were 2,043 active listings in the region at the end of April, an increase of 3.7 per cent compared to March and up nearly 50 per cent from the 1,365 listed at the end of April 2022.
While inventory was up, benchmark prices were also up compared to March.
The Multiple Listing Service home price index benchmark value for a single-family home in the core was down 11.3 per cent to $1,264,200 from $1,424,900 in April 2022, but up from $1,236,200 in March.
A condo in the core was down 10.3 per cent to $565,000 from $630,200 in April 2022 but was up from $560,300 in March.
On the Peninsula, a single-family home was up to $1,175,600 in April, up from $1,170,900 in March and down from $1,327,500 in April 2022.
A condo was up to $623,400 from $614,600 in March and down from $660,300 in April 2022.
However, that trend didn’t continue on the West Shore where a single-family home dropped in value to $1,004,300, down from $1,008,200 in March and $1,148,800 in April 2022.
The benchmark value, however, for a West Shore condo was up to $529,000 from $514,800 in March and down from $533,600 in April 2022.
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