August real estate sales numbers slumped when compared with July, reflecting a typical end-of-summer slow period.
A total of 545 properties changed hands last month, down from 650 in July for a 16.2 per cent drop.
Total sales in August were virtually flat compared with the same month in 2023, when 544 sales were recorded.
“The final month of the summer is generally a rather relaxed one in terms of real estate sales and listings,” Victoria Real Estate Board chair Laurie Lidstone said Tuesday.
“Many folks pause their home shopping activities or pause their sales listing to make the most of other summer activities and vacations.
“It’s no surprise that sales this year were so close to the sales from 2023 and that listings declined slightly from the number we saw in July.”
Lidstone anticipates sales numbers will move up in the fall.
“In September people return their attention to work and school and to bigger projects like making a move.”
The benchmark value for a single-family home in the Victoria core last month slid to $1.28 million from $1.33 million in August of 2023. The single-family benchmark for July of this year was $1.26 million, the board said. The core is defined as Victoria, Saanich, Oak Bay, Esquimalt and View Royal.
Sales of single-family homes in all areas moved down to 252 last month, from 273 sold in the same month a year earlier. July saw 319 single-family sales.
Last month, the benchmark price for a condominium in the core was $559,200, down from $575,900 for the same month in 2023.
A total of 181 condominiums sold in the region last month, up from 164 in August 2023.
At the end of August, a total of 3,191 properties were listed through the board’s multiple listing service, up 28 per cent from the end of August last year.
The total value of all sales in August was $504 million.
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