A total of 661 properties sold in the Victoria Real Estate Board
region this August, 11.3 per cent more than the 594 properties sold in August
2018 but a 6.4 per cent decrease from July 2019. Sales of condominiums
were up 4.1 per cent from August 2018 with 203 units sold. Sales of single
family homes increased 15.5 per cent from August 2018 with 351 sold.
"August could be considered a status quo month for real
estate in greater Victoria with entry-level homes selling quickly when priced
appropriately, and higher-end properties moving at a slower
pace," says Victoria Real Estate Board President Cheryl Woolley.
"As expected, we've seen relatively stable pricing, with an uptick in
sales - particularly single family homes. Unfortunately, summer has
been accompanied with a slowing of new inventory coming onto the market, which
suggests it is a good time for prospective sellers to consult with their
REALTOR® about selling in the fall market."
There were 2,838 active listings for sale on the Victoria Real
Estate Board Multiple Listing Service® at the end of August 2019, a decrease of
3.8 per cent compared to the month of July but a 12.7 per cent increase from
the 2,519 active listings for sale at the end of August 2018.
The Multiple Listing Service® Home Price Index benchmark value for
a single family home in the Victoria Core in August 2018 was $888,100. The
benchmark value for the same home in August 2019 decreased by 4.6 per cent to
$847,300, slightly less than July's value of $858,800. The MLS® HPI benchmark
value for a condominium in the Victoria Core area in August 2018 was $503,600,
while the benchmark value for the same condominium in August 2019 increased by
2.9 per cent to $518,100, lower than July's value of $523,400.