The total of 835 properties sold in the Victoria Real Estate Board (VREB) region in July of this year lagged behind sales in both July 2020 and June 2021.
Sales of 396 single-family homes last month were down 10 percent from the previous month and 29 percent from July 2020 in the same period last year.
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The 1,270 active listings in the VREB Multiple Listing Service (MLS) by the end of July fell by 52 percent compared to the number of available properties in July 2020 and by eight percent compared to the June mark.
“In this context, these numbers do not reflect a downturn in our market, but rather show that sales are declining due to this continuing low-inventory trend,” AERB President David Langlois said in a statement.
The reference value of the MLS Home Price Index for single-family homes in the four-core communities rose further above the 1 million dollar mark. In July, the number hit $ 1.08 million, up 19 percent from last July and nearly two percent more than the previous month. The condominium benchmark hit $ 535,000 in July, eight percent more than last year and one point higher than in June.
“For the long-term health of our housing market, it is important that we continue to focus heavily on developing new homes to meet our growing demand,” said Langlois.
For more information on local real estate statistics, visit vreb.org.
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Residential real estate