October 2023
The Victoria Real Estate market is plodding along with stable prices for the most part and increased listing inventory resulting in more choices for Buyers. Sales are slowing which may put some downward pressure on prices if the interest rates go up again in a few weeks and more Sellers decide to list their homes this Fall. The current balanced market is shifting more towards a Buyers market, which should continue to do so as the year finishes out
Below are some of the statistics for August 2023
Listing Inventory:
There were 2,699 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2023, an increase of 8.4 % compared to the previous month of August and a 17.3 % increase from the 2,300 active listings for sale at the end of September 2022. This increase in listing inventory should continue for some time, creating a Buyers market over the next few months. There are already a lot of choices for Buyers, and with the slowing of the sales numbers, properties need to be well priced to attract offers.
Sales:
A total of 493 properties sold in the Victoria Real Estate Board region this September, 20.2 % more than the 410 properties sold in September 2022 and a 9.4 % decrease from August 2023. Sales of condominiums were up 23 % from September 2022 with 155 units sold. Sales of single family homes increased 3.2 % from September 2022 with 228 sold. Sales numbers usually begin to slow in the Fall so there is nothing unusual about these monthly changes. However, combined with increased inventory levels, the result could be a softening of prices in the coming months.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2022 was $1,299,500. The benchmark value for the same home in September 2023 increased by 1 % to $1,312,200, which is down from August’s value of $1,323,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in September 2022 was $581,500, while the benchmark value for the same condominium in September 2023 increased by 1.4 % to $589,600, which is up from the August value of $582,000. Prices are pretty much at the same level as one year ago, and single-family prices dropped slightly in September over August. Condos increased slightly, but overall, prices average sale prices remain stable. Again, if interest rates increase later this month, and listing inventory continues to go up, then we could see a further softening of prices into the late Fall and Winter months
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
