One of the most expensive condos in Greater Victoria has seen its price cut as the number of homes sold in the region has dropped again.
November 2023 sales of condos were down 11.8 per cent from November 2022 with 120 units sold, according to the Victoria Real Estate Board region.
The market is seeing some properties languish on the market. A penthouse at 737 Humboldt St. that was built in 2008 has its price cut from $4.2 million to $3,998,000 recently and has been on the market for more than 75 days. The condo sold for $2.2 million in 2017.
The penthouse has ridiculous views in multiple directions, including of the Inner Harbour and the legislature and beyond. It’s three bedrooms, three baths and 2,570 square feet, but it also has more than 1,500 square feet of outdoor deck space.
A total of 394 properties sold in the Victoria Real Estate Board region this November, a 2.6-per-cent increase from the 384 properties sold in November 2022, but a 3.2-per-cent decrease from October 2023. Sales of single-family homes increased by six per cent from November 2022 with 193 sold.
“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board chair Graden Sol, in a statement. “Given the current interest rate environment, our sales numbers are lower than long-term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five-per-cent increase in the number of listings on market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”
There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of November 2023, a decrease of 4.1 per cent compared to the previous month of October and a 25.2 per cent increase from the 2,111 active listings for sale at the end of November 2022.
The Multiple Listing Service Home Price Index benchmark value for a single-family home in the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home in November 2023 increased by 3 per cent to $1,286,400, which is down from October’s value of $1,305,900.
The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2022 was $568,400, while the benchmark value for the same condominium in November 2023 increased by 1.6 per cent to $577,400, which is down from the October value of $585,600.