The VIREB housing market is experiencing an unusual summer, with the anticipated boost from the recent interest rate cut not yet evident.
Both buyers and sellers appear to be waiting for clearer signals before making a move. Although REALTORS® are actively conducting open houses and showings, the market is notably slower than usual for this time of year.
Well-priced properties are still attracting multiple offers, but REALTORS® are seeing more bids coming in well below the asking price. Inventory levels have significantly increased, reaching a five-year high for active listings in the VIREB area, providing buyers with more options and time to decide. This has created a waiting game between buyers and sellers.
Sales by Category
- Single-Family Homes: 359 homes sold in June, a 15% decrease from last year and a 12% drop from May.
- Condo Apartments: 82 units sold, down 24% year-over-year and 11% from May.
- Row/Townhouses: 91 units sold, an 8% decrease from last year and 16% from May.
Active Listings
- Single-Family Homes: 1,566 active listings in June, up from 1,105 last year.
- Condo Apartments: 440 active listings, an increase from 319 in June 2023.
- Row/Townhouses: 364 active listings, compared to 274 the previous year.
Benchmark Prices
June benchmark prices were as follows.
- Single-Family – $787,300 (up 3% y-o-y)
- Apartments – $411,200 (up 1% y-o-y)
- Townhouses – $542,400 (down 2% y-o-y)
