December 2022
Have a wonderful Holiday Season and a great New Years!
As we near the end of 2022, the current market conditions continue to be greatly affected by the rising interest and mortgage rates resulting in lower sales numbers, slight price drops and higher listing inventory. This trend should continue in 2023.
Below are some of the statistics for November, 2022
Listing Inventory:
There were 2,111 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2022, a decrease of 3.7 % compared to the previous month of October but a 138 % increase from the 887 active listings for sale at the end of November 2021. Listing inventory should continue to increase in 2023 as the home sales continue to remain flat.
Sales:
A total of 384 properties sold in the Victoria Real Estate Board region this November, 41.2 % fewer than the 653 properties sold in November 2021 and 20 % fewer than in October 2022. Sales of condominiums were down 42.4 % from November 2021 with 136 units sold. Sales of single family homes decreased 34.1 % from November 2021 with 182 sold. Sales do slow towards the end of the year, but these current numbers are below typical seasonal numbers. Mainly due to the rising interest rates.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2021 was $1,249,400. The benchmark value for the same home in November 2022 increased by 4.6 % to $1,307,100 but was down 2.6 % from October’s value of $1,341,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2021 was $536,200, while the benchmark value for the same condominium in November 2022 increased by 9.6 % to $587,800, down by 2.5 % from the October value of $602,700. The over all prices continue to be affected by the rising mortgage rates. This will continue in to 2023, but prices should remain steady, as most forecasts are showing smaller price drops in 2023 compared to this year.
I wish you and your family a wonderful holiday season.
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
