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VREB market statistics for September released to media

Victoria Real Estate Market shows increased interest in condos and townhomes

A total of 616 properties sold in the Victoria Real Estate Board region this September, 15.6 percent more than the 533 properties sold in September 2018 but a 6.8 percent decrease from August 2019. Sales of condominiums were up 48.3 percent from September 2018 with 221 units sold. Sales of single-family homes decreased 1.1 percent from September 2018 with 282 sold.

"September's statistics clearly demonstrate that Victoria continues to have a stable real estate sector and is a desirable place to live," says Victoria Real Estate Board President Cheryl Woolley. "While sales are up compared to the same month last year, our inventory remains low, which may create challenges for people trying to get into the market in certain categories."

There were 2,823 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2019, a decrease of 0.5 percent compared to the month of August but a 6.7 percent increase from the 2,646 active listings for sale at the end of September 2018.

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in September 2018 was $878,500. The benchmark value for the same home in September 2019 decreased by 3.6 percent to $846,500, slightly less than August's value of $847,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2018 was $503,600, while the benchmark value for the same condominium in September 2019 increased by 1.6 percent to $511,600, lower than August's value of $518,100.

"We saw increased activity in the condo and townhouse market with an almost 50 percent year-over-year sales increase in condos," adds President Woolley. "It may be too early to call this a trend towards condo purchases, but this is a number to watch through the fall to see if buyers continue opting for condos and townhomes as more new developments are added to the market in highly desirable locations, with price points often lower than a single-family home.

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NOTE: MLS® property information is provided under copyright© by the Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification. This website may only be used by consumers for the purpose of locating and purchasing real estate.