February, 2022
Limited listing inventory continues to be a key issue for the Victoria real estate market. The record low number of homes for sale in all categories has created a continued surge in prices and a real challenge for buyers that need housing. The anticipated Interest rate increase did not materialize in January, so the market will likely continue in its current state for the next few months.
Below are the statistics for the month of January 2022.
Listing Inventory:
There were 744 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2022, an increase of 14.1 % compared to the previous month of December and a 43.7 % decrease from the 1,321 active listings for sale at the end of January 2021. While listings were up slightly from December, the overall numbers are still well below historic levels.
Sales:
A total of 474 properties sold in the Victoria Real Estate Board region this January, 26.6 % fewer than the 646 properties sold in January 2021 but an 8.2 % increase from December 2021. Sales of condominiums were down 13 % from January 2021 with 188 units sold. Sales of single family homes decreased 39.7 % from January 2021 with 179 sold. Sales numbers are significantly lower than a year ago but again, the main factor is the low inventory and lack of supply and choice for buyers.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2021 was $932,200. The benchmark value for the same home in January 2022 increased by 24.6 % to $1,161,500, up from December’s value of $1,144,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2021 was $487,500, while the benchmark value for the same condominium in January 2022 increased by 20.5 % to $587,300, up from the December value of $570,600. These average sale prices are again breaking records in all sectors of the market. With continued demand for housing rising in our region, there appears to be no reprieve in site for these high prices.
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