Despite an uptick in sales in May, the VIREB housing market has not reached its typical pre-summer levels. However, there is positive news: VIREB’s inventory of single-family homes surged by 46% in May, and active listings of all property types increased by 33% across the board. The VIREB market is now in balanced territory, which is advantageous for both buyers and sellers.
Sales by Category:
• Single-Family Homes: In May, 409 single-family homes (excluding acreage and waterfront) were sold, representing a 14% decrease from a year ago but a 9% increase from April.Condo Apartments: Sales of condo apartments reached 92 last month, an 11% year-over-year increase and a 23% rise from April.
• Row/Townhouses: In the row/townhouse category, 108 units were sold in May, marking a 17% increase from last year and a 30% increase from April.
Active Listings:
• Single-Family Homes: Active listings reached 1,433 in May, up from 979 a year ago.
• Condo Apartments: The inventory of condo apartments was 398 last month, up from 318 in May 2023.
• Row/Townhouses: There were 375 row/townhouses for sale last month, compared to 252 in the previous year.
Benchmark Prices
May benchmark prices were as follows.
- Single-family – $781,100 (up 4% y-o-y)
- Apartment – $413,000 (up 3% y-o-y)
- Townhouse – $544,200 (up 1% y-o-y)
