HAPPY EASTER!
April 2023
The early spring market is showing signs of improvement due to a growing consumer confidence and increased demand for housing. The interest current rates are becoming the new norm and average prices, while still dropping slightly in some, are holding steady for the most part. Sale volume increased month over month, and some pockets of Greater Victoria are experiencing multiple offers for well priced properties. The next few months are traditionally the busiest in any given year, so the activity should continue to grow throughout the spring market.
Below are some of the statistics for March 2023
Listing Inventory:
There were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2023, an increase of 8.9 % compared to the previous month of February and an 85.3 % cent increase from the 1,063 active listings for sale at the end of March 2022. The overall listing inventory is still well below seasonal averages, but the springtime is when most Victoria sellers list their homes, so inventory should continue to increase over the next few months.
Sales:
A total of 590 properties sold in the Victoria Real Estate Board region this March, 29.2 % fewer than the 833 properties sold in March 2022 but a 28.3 % increase from February 2023. Sales of condominiums were down 29.4 % from March 2022 with 197 units sold. Sales of single family homes decreased 31.8 % from March 2022 with 281 sold. Sales volume did increase month over month, but the overall sales numbers remain lower than usual for this time of the year. This is mostly due to the high interest rates, keeping a lot of Buyers on the sidelines.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2022 was $1,387,200. The benchmark value for the same home in March 2023 decreased by 10.9 % to $1,236,200, down from February’s value of $1,247,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2022 was $616,400, while the benchmark value for the same condominium in March 2023 decreased by 9.1 % to $560,300, down from the February value of $568,200. The overall sale price averages have dropped again slightly in March, but the decreases are smaller than a few months ago. This could signal that the market is close to the bottom.
If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com
