Only 15 houses in metro Victoria are priced below $500,000 as real-estate frenzy continues
Published June 12, 2018
Victoria’s inventory of single-family homes has broken a new record in recent days, although it’s not likely to bring a smile to homebuyers frustrated by the south Island's dearth of real-estate listings.
The inventory of houses listed for sale throughout the Capital Region at or below $500,000 has dwindled to just 15 properties, according to the Multiple Listings Service (MLS).
The priciest among them is a 1,400 square foot home in Langford’s Happy Valley community listed at $490,000. It may not have much of a yard, but it will appeal to buyers in search of a small footprint with modern amenities.
The least expensive is a 750 square foot cottage along Sooke’s Highway 14 frontage near the Otter Point community. The little bungalow, built in the late 1980’s, will set it's new owner back $330,000.
The remaining 13 homes are listed at an average of $468,000 and all but two are situated on the West Shore. Among them are two listings that may as well be considered tear downs, and one is a float home that comes with its very own ocean frontage and ...land views.
The most affordable properties aside, the inventory of single-family-dwellings across Victoria's entire re-sale pricing spectrum remains significantly depressed for a market with an unquenchable demand for housing.
Between Sooke and Sidney fewer than 1,000 houses are currently listed on the MLS, a figure that some REALTORS® say is about one-third of where it ought to be.
Among those 1,000 listings are 250 properties priced at $1.5 million or more, with approximately 130 of them marketing properties with asking prices in excess of $2 million.
The largest concentration of detached houses is currently in the range of $700,000 to $1 million of which there are 350.
In total there are just over 1,600 listings on the MLS. C
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