December 2021:
As we approach the holiday season I wanted to Thank you all for an amazing 2021 and wish you and your families health and happiness through the holidays and into the New Year. I hope that 2022 brings better news for the pandemic, and we can start to get back to some type of normalcy with Family and Friends. Enjoy some much needed time off and stay safe.
There seems to be no change on the horizon for the Victoria real estate market. With low inventory, high prices and continued multiple buyer interest for new listings, the overall conditions will stay the same for a few months. However, with inflation numbers increasing, and the bank of Canada hinting at spring interest rate hikes, we could see some market changes by late spring 2022. Stay tuned…
Below are the statistics for the month of November 2021.
Listing Inventory:
There were 887 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2021, 51.1 % fewer properties than the 1,813 available at the end of November 2020 and 14.4 % fewer properties than the 1,036 active listings for sale at the end of October 2021. Unless inventory increase, prices will remain high.
Sales:
A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9 % fewer than the 795 properties sold in November 2020 and 12.3 % fewer than the previous month of October. 236 condominiums sold, 5.2 % fewer than in the previous month of October. 276 single family homes sold, 18.6 % fewer than in the previous month of October. The only reason sales are lower is due to the lack of new listings coming on the market. There are plenty of buyers looking for homes in our market.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2020 was $903,700. The benchmark value for the same home in November 2021 increased by 24.2 % to $1,122,600, a 1.7 % increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2020 was $485,100, while the benchmark value for the same condominium in November 2021 increased by 15.6 % to $560,700. Again, low inventory, high demand for properties, and low interest rates will create continued high prices into 2022.
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