Keys to your new home

Victoria Real Estate Market Update - July 2023

Real Estate Market Update

Our spring market in Victoria has concluded, and with the arrival of July, we've transitioned into the summer market. June often bears the undeserved reputation of being cooler and wetter than May. In May, the warming weather stirs excitement and the unveiling of summer wardrobes. However, June can sometimes bring unexpectedly cooler conditions. July, my personal favorite month, brings the cherry season and the most sunlight, averaging around 330 hours.

As summer unfolds, both buyers and sellers often find themselves uncertain about their next steps. Sellers ponder whether listing their property in summer is advantageous, while buyers consider taking a summer break from their property search, possibly resuming in fall. Each season has its pros and cons for listing, and perfectly timing the market is nearly impossible. Typically, Victoria's housing inventory peaks in June, unlikely to see an increase in listings for the rest of the year. Therefore, summer listings might face less competition. Listing in August or September can be ideal, allowing buyers to settle into their new homes before the holiday season. Early fall is also a strategic time to list, especially for homes without unique selling points, due to less competition.

In addition to the real estate market, Victoria is bustling with events like the Pride Parade and Festival, the Phillips Backyard Weekender at a local craft brewery, and concerts like Amanda Marshall at the Royal Theater.

Despite a significant rise in sales volumes compared to last year, prices in the detached single-family home and condo markets have seen about a 7% decline over the past 12 months. For example, the benchmark price of a single-family home in the Victoria core was $1,408,500 in June 2022, which then followed a downward trend. Well-priced properties in good condition and desirable neighborhoods are still attracting attention and often receiving multiple offers. Delayed offers are becoming more prevalent in the current market.

I recently visited a townhouse located on the outskirts of downtown, near the Fairfield neighborhood. Initially listed at $1,129,000, the price was reduced to $1,099,000, offering great value. This unique townhouse features a private path, garage, and designated laundry room – rare in urban townhouses. It also boasts a modern kitchen, two bedrooms, three bathrooms, and a rooftop deck with urban views and southern exposure, making it an exceptional find in Victoria's vibrant real estate landscape.

For detailed information on the Victoria real estate market, you can visit the site of VREB  "The Victoria Real Estate Board"

Consider contacting Ainsley Gower a local Victoria Realtor for all your real estate needs.