The Greater Victoria real estate market continues to rebound, according to the numbers from June.
A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 per cent more than the 612 properties sold in June 2022.
One property that is hoping to capitalize on this growth is at 1101 Beach Dr. in Victoria. The Zillow listing says the home was built in 1913 and it鈥檚 selling for an eye-watering $10 million 鈥� an 800 per cent price jump from when it was sold in 1987.
Why so much for such an old house? Well, probably because it sits on 2.25 acres on the ocean.
Sales of condominiums were up 19.8 per cent from June 2022 with 242 units sold. Sales of single family homes increased 6.6 per cent from June 2022 with 322 sold.
鈥淎s we consider the first half of the year, we see a return to a more traditional sales trend which follows the seasons,鈥� said Victoria Real Estate board chair Graden Sol said in a statement. 鈥淒uring and shortly after the pandemic, we couldn鈥檛 rely on our usual comparisons to explain the market. This year we have seen a return to a seasonal pattern, where the sales are slower through the winter and may peak in the spring. This seasonal trend is generally followed by a summer market which remains stable but is not as highly active.鈥�
There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of June 2023, an increase of seven per cent compared to the previous month of May and a 13.7 per cent increase from the 2,059 active listings for sale at the end of June 2022.
鈥淲e have seen a small increase in inventory over the month of June,鈥� said Sol. 鈥淭his inventory is very welcome, as we are still low on available listings for sale compared to historical counts. If inventory continues to rise, we may see prices stabilize further 鈥� 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.鈥�
The Multiple Listing Service Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7 per cent to $1,310,100, which is up from May鈥檚 value of $1,297,600. The MLS HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 per cent to $573,800, which is up from the May value of $569,300.
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