August 2023
The Victoria Real Estate market might not be as hot as the weather this summer, but the overall market is doing quite well, especially considering the interest rate increases that keep coming. Prices are stable and, in some areas, going up slightly. Overall, the July and August numbers have been decent all things considered. With inflation increasing again in July, it will be interesting to see what the Bank of Canada does in September… Until then, hope you enjoy the rest of the summer and this great weather!
Below are some of the statistics for July 2023
Listing Inventory:
There were 2,419 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2023, an increase of 3.3 %compared to the previous month of June and a 11.9% increase from the 2,162 active listings for sale at the end of July 2022. The higher inventory levels are still considerable lower than the season long term average, so this is contributing to the stability in pricing..
Sales:
A total of 595 properties sold in the Victoria Real Estate Board region this July, 16.7 % more than the 510 properties sold in July 2022 and a 15.6 % decrease from June 2023. Sales of condominiums were up 16.3% from July 2022 with 200 units sold. Sales of single family homes increased 15.4 % from July 2022 with 293 sold. The sales numbers are higher than June of 2022 when the first effects of the higher interest rates started to take affect last year. This trend should continue in August.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2022 was $1,366,100. The benchmark value for the same home in July 2023 decreased by 3.5 % to $1,318,800, which is up from June’s value of $1,310,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2022 was $600,000, while the benchmark value for the same condominium in July 2023 decreased by 3.7 % to $578,000, which is up from the June value of $573,800. While overall sales are lower than this time in 2022, the July numbers increased slightly from June 2023’s numbers, showing the stability in the market. Some areas are experiencing multiple offers, and well priced homes are selling fast. Definitely not the results we expected after the last round if interest rate increase. There appears to be a strong demand for people moving to Victoria from across the country, which is keeping our market steady.
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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
