November 2022
Victoria experienced a slight uptick in sales volume last month but the overall market is still feeling the effects of the high interest rates and high inflationary times we are currently living in. Inventory is up significantly from a year ago giving Buyers more choice while prices are still trending in a downward direction. Sellers must price their homes competitively if they want to receive offers as only about 1 in 5 homes are selling per month at this time while Buyers now have more time to search for the right home without having to rush their buying decision. These market conditions should continue for the foreseeable future.
Below are some of the statistics for October, 2022
Listing Inventory:
There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 % compared to the previous month of September but a 111.6 % increase from the 1,036 active listings for sale at the end of October 2021. While inventory is much higher than one year ago, it currently remains in a more balanced range for this time of the year and will continue to drop over the next few months due to the slower winter season.
Sales:
A total of 480 properties sold in the Victoria Real Estate Board region this October, 35.6 % fewer than the 745 properties sold in October 2021 but a 17.1 % increase from September 2022. Sales of condominiums were down 39 % from October 2021 with 152 units sold. Sales of single family homes decreased 32.2 % from October 2021 with 230 sold. The overall sales increase over last month is probably due to the rush of Buyers needing to make a purchase before their mortgage rate holds expire due to the rapidly increasing interest rates. The balance of the year should result in continued lower sales numbers.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2021 was $1,216,900. The benchmark value for the same home in October 2022 increased by 10.2 % to $1,341,400 but was down 1.7 % from September’s value of $1,364,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2021 was $524,500, while the benchmark value for the same condominium in October 2022 increased by 14.9 % to $602,700, down by 2.4 % from the September value of $617,400. The average prices are still trending in a downward direction. Prices should continue to remain soft throughout this high interest rate period.
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
