The Victoria Real Estate Market in June 2023: A Return to Seasonal Trends

The Victoria real estate market continues to show signs of stability as we enter the summer months. With a total of 705 properties sold in the Victoria Real Estate Board region this June, we witnessed a 15.2 percent increase compared to June 2022. However, there was a slight decrease of 9 percent from May 2023, indicating a return to a more traditional sales trend.

Sales of condominiums have seen a significant boost, with a 19.8 percent increase from June 2022, totalling 242 units sold. On the other hand, sales of single-family homes also experienced growth, rising by 6.6 percent compared to June 2022, with 322 homes sold. These numbers suggest a balanced market with demand for both types of properties.

Chair of the Victoria Real Estate Board, Graden Sol, commented on the market trends, stating, "As we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons. This seasonal pattern, with slower sales during the winter and a peak in the spring, is generally followed by a stable but less active summer market."

One positive development in the market is the increase in active listings. At the end of June 2023, there were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service®. This represents a 7 percent increase from May 2023 and a 13.7 percent increase from June 2022. While the inventory is still relatively low compared to historical counts, this increase is a welcome change that could potentially lead to price stabilization.

Graden Sol further added, "If inventory continues to rise, we may see prices stabilize further – another reminder of how important it is to add supply to the marketplace where possible. Well-priced properties are still selling rapidly while benchmark pricing remains reasonably level." This statement highlights the significance of adding more supply to meet the demand in the market.

In terms of benchmark values, the Multiple Listing Service® Home Price Index indicates a decrease in prices compared to the previous year. In June 2022, the benchmark value for a single-family home in the Victoria Core was $1,408,500. However, in June 2023, there was a 7 percent decrease, bringing the benchmark value to $1,310,100. It is worth noting that this figure is up from May 2023, which saw a benchmark value of $1,297,600.

Similarly, the benchmark value for a condominium in the Victoria Core area also experienced a decrease. In June 2022, the benchmark value was $615,200, but in June 2023, it dropped by 9 percent to $573,800. Despite this decrease, the June 2023 value shows a slight improvement from May 2023, which stood at $569,300.

These numbers suggest that while there has been a decline in benchmark values, the market is showing signs of stabilization. The decrease in prices can be attributed, at least in part, to the increase in inventory. However, it's important to consult a local REALTOR® who can provide up-to-date information and guide you through the market to ensure a smooth real estate transaction.

As we head into the summer months, buyers and sellers can look forward to a stable and positive real estate market in Victoria. With a return to seasonal trends and an increase in inventory, the market offers opportunities for both buyers and sellers. Engaging the services of a knowledgeable REALTOR® will help navigate the market effectively and make informed decisions.

Overall, the Victoria real estate market in June 2023 showcases a balanced market with moderate sales growth, an increase in inventory, and benchmark prices that have stabilized. With cautious optimism, we can anticipate a summer filled with positive real estate transactions in this beautiful region.