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Real estate sales fall amid more choices on market

Buyers are taking more time to view offerings, according to the Victoria Real Estate Board

Real estate sales slipped in June as buyers took their time to view more inventory on the market, according to the Victoria Real Estate Board.

A total of 661 properties sold through the Multiple Listing Service last month, 6.2% fewer than the 705 properties sold in the same month a year ago and a 13.4% decline from May 2024, the latest data from the board shows.

Sales of condominiums were down 16.5% from June 2023 with 202 units sold last month. However, sales of single-family homes were up by 6.2% from a year ago, with 342 sold.

Victoria Real Estate Board chair Laurie Lidstone said ­activity in June was in line with normal seasonal trends.

“Most buyers last month would have experienced a market with more choice and more time to make decisions, and some sellers may have experienced longer than expected timelines to find their buyer,” said Lidstone.

She added that Greater ­Victoria is made up of many smaller markets with unique conditions, “so there are still areas and price points where we see intense competition.”

Listings of homes for sale are on the rise, with 3,460 on the real estate board’s MLS system at the end of June. That’s up 3.7 % from May and up 47.7% from the 2,342 active listings on the market at the end of June 2023.

Prices for single-family homes were lower.

The MLS Home Price Index benchmark value for a single-family home in the Victoria core last month was $1,295,500 — down 1.4% from the same period a year ago when the benchmark was $1,314,000, and down from May’s $1,309,700.

Condo prices increased slightly — the benchmark value in the core area last month was $567,900, up by 0.1% from the June 2023 value of $567,300, and down from the May value of $569,500.

“We can see by the flat ­numbers in sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market,” said Lidstone. “I think this is good news, as the more stable the market is, the more it ­supports both buyers and ­sellers.”

Lidstone said if seasonal norms continue, the summer months will be slower and ­quieter than spring, as consumer priorities shift to vacations and outdoor pursuits, but activity will increase again as fall nears.

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