AUGUST 2022
Hope your summer is going well. The weather has been great and summer holidays are in full swing. Not much to report this month other than the continued slow down in sales and softening of prices predominantly created from the large interest rate increases over the last 2 months. With predictions of further increases in September, the market is poised to remain slower for the balance of the year.
Below are some of the statistics for July 2022
Listing Inventory:
There were 2,162 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2022, an increase of 5 % compared to the previous month of June and a 70.2 % increase from the 1,270 active listings for sale at the end of July 2021. This increase in listing inventory is great for Buyers and should continue to increase further into September and beyond.
Sales:
A total of 510 properties sold in the Victoria Real Estate Board region this July, 38.9 % fewer than the 835 properties sold in July 2021 and a 16.7 % decrease from June 2022. Sales of condominiums were down 39.4 % from July 2021 with 172 units sold. Sales of single family homes decreased 35.9 % from July 2021 with 254 sold. While the over all sales numbers are lower this year, the 2021 high sales numbers were an anomaly for the summer market. However, these current summer sales figures are below average, and again, the high interest rates seem to be the main reason.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2021 was $1,204,900. The benchmark value for the same home in July 2022 increased by 19% to $1,433,800 but was down 2.1 % from June’s value of $1,464,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2021 was $502,600, while the benchmark value for the same condominium in July 2022 increased by 27.3 % to $639,600, down by 0.5 % from the June value of $643,100. While these latest price drops from June to July are not that high statistically, we are seeing a larger number of price reductions for existing homes, and most homes are taking much longer to sell. Also, the eventual selling prices are quite lower than they were a few months ago in most markets throughout Greater Victoria. Buyers are definitely in the driver’s seat at this time.
In the meantime, enjoy the rest of the summer. The weather is supposed to remain sunny for the next while, so enjoy your time with family and Friends.
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
