There were 534 Single family home sales in May 2021 in the Vancouver Island Real Estate Board area. That is a 9% decrease in unit sales for single family homes in one month. Condos were up 13% to hit 150 sales. Townhomes were down 11% dropping just under 100 unit sales to hit 94. The year-over-year sales are still out of whack due to historic lows in the early pandemic days but the slight month over month decrease in sales is a hopeful sign that there may be more options for buyers in the future.
Those hopeful signs carried over into the metric that really matters for buyers and that is inventory. The number of available listings increased for both single family and townhome categories (9% for single family and 5% for townhomes), which is much needed water in a listing drought. That being said, we are still deep in a sellers market and we will continue to see upward pressure on price until there is substantial growth in the number of available listings. The number of available condos in the board region decreased by 10% from the previous month (this segment having the highest sales numbers), and experts estimate VIREB would need about 1,500 listings for a balanced market.
That upward pressure on prices is shown in the Benchmark Price change (the “average” home in the area according to The Home Price Index). Board-wide, single family homes were up to $692,600 for the month of May, an increase of 5% from April and 27% from the previous May. Condos were up to $355,000, 3% higher than the previous month and 16% up from May 2020. Townhomes came in with a benchmark price of $527,200 rising 4% over the month and 29 from last year.
Here are the regional benchmark prices and year over year changes:
Us here at The Neal Estate Team are very much looking forward to the prospect of things opening up and getting back to normal (as safely as possible). We are looking forward to getting back to our volunteer, community and client events that have so much made our team what it is today. Until then, we continue destroying pandemic obstacles for our clients, leading to us selling over 30 million dollars of Real Estate in May. And throw back to June 2020 when we sold 1 in ever 33 listings in the Victoria area.
If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VancouverIslandComingSoon.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.