July 2023
Summer is in full swing and the weather has been excellent in Victoria. The market has also been quite strong in certain areas and the demand for Buyers wanting to live in our great city never seems to wane. The interest rate increase is hurting a lot of the entry level markets as more Buyers are sidelined due to the high rates, but over all it is a decent market.
Below are some of the statistics for June 2023
Listing Inventory:
There were 2,342 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2023, an increase of 7 % compared to the previous month of May and a 13.7 % increase from the 2,059 active listings for sale at the end of June 2022. While inventory is up, the overall number of listings is still well below historic averages. Well priced homes in good locations are selling fast.
Sales:
A total of 705 properties sold in the Victoria Real Estate Board region this June, 15.2 % more than the 612 properties sold in June 2022 and a 9 % decrease from May 2023. Sales of condominiums were up 19.8 % from June 2022 with 242 units sold. Sales of single family homes increased 6.6 % from June 2022 with 322 sold. While sales are up from a year ago, the monthly numbers dropped from May to June of this year. Sales numbers are usually slower in the summer months so there is nothing unusual with this drop in numbers.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2022 was $1,408,500. The benchmark value for the same home in June 2023 decreased by 7% to $1,310,100, which is up from May’s value of $1,297,600. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2022 was $615,200, while the benchmark value for the same condominium in June 2023 decreased by 9 % to $573,800, which is up from the May value of $569,300. The overall prices increased slightly from May to June, but were down significantly from a year ago, and mainly due to the higher interest rates keeping a lot of Buyers on the sidelines. The increase in prices in June over May are reflective of the overall lower inventory numbers based on the demand for homes in the desirable locations. This resulted in some multiple offers in June in certain areas leading to some homes selling above their list prices. July numbers will be interesting to watch as this last round of interest rate increases in early July may lead to a further slow down of sales. Interesting times. Enjoy the rest of the Summer!
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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
