November 2023 Victoria Real Estate Market Stats
Slower winter markets can benefit buyers and sellers
The November 2023 Victoria Real Estate Stats show a total of 394 properties were sold in the Victoria Real Estate Board region this November, a 2.6 percent increase from the 384 properties sold in November 2022 and a 3.2 percent decrease from October 2023. Sales of condominiums were down 11.8 per cent from November 2022 with 120 units sold. Sales of single-family homes increased by 6 percent from November 2022 with 193 sold.
“It’s unsurprising to see this slight relaxation of sales in the market,” said Victoria Real Estate Board Chair Graden Sol. “Given the current interest rate environment, our sales numbers are lower than long term averages, but the pattern of seasonality within those lower numbers is what we would expect for this part of the year. We have seen a healthy twenty-five percent increase in the number of listings on the market compared to last year and this is positive news as we recover from that long-term trend of very low inventory.”
There were 2,644 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023, a decrease of 4.1 percent compared to the previous month of October and a 25.2 percent increase from the 2,111 active listings for sale at the end of November 2022.
“The longer we are in balanced market conditions, the easier transitions for buyers and sellers become,” adds Sol. “Local people who planned to sell and move within the Greater Victoria area may have hesitated to list their homes back when record low inventory meant less choice when they became buyers. Now that we see some balance in the market, these people have more inventory to pick from and may feel more confident listing their existing homes. And of course, all buyers have better experiences with more time and more choices. We always anticipate a seasonal reduction in activity over winter, but if you are contemplating a move in the new year, now is an excellent time to consult with your favourite REALTOR® to create your strategy.”
Benchmark Pricing for November 2023 Victoria Real Estate Market Stats
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November 2022 was $1,248,600. The benchmark value for the same home in November 2023 increased by 3 percent to $1,286,400, which is down from October’s value of $1,305,900. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2022 was $568,400, while the benchmark value for the same condominium in November 2023 increased by 1.6 percent to $577,400, which is down from the October value of $585,600.
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Original Source: VREB