Shift in Victoria Real Estate market brings more time for buyers and sellers
August is typically one of the slower months for real estate in the Greater Victoria area and this year was no exception. Sales dipped, and we saw an increased number of listings come to the market, with more of the existing inventory remaining for sale. After two years of market conditions that favoured home sellers, sales have diminished in the past few months and inventory levels have been slowly increasing. This slowdown means a calmer and more friendly environment with time for decision-making, which benefits sellers and buyers and will be a relief to many.
During a changing market like the one we see now, it is more important than ever to have an expert on your side - whether you are buying or selling it's a great time to give us a call.
Victoria Real Estate Stats for the Month of August:
- A total of 478 properties sold in the Victoria Real Estate Board region this August, 42.5 per cent fewer than the 831 properties sold in August 2021 and a 6.3 per cent decrease from July 2022.
- Sales of condominiums were down 57.1 per cent from August 2021 with 148 units sold.
- Sales of single family homes decreased 30.3 per cent from August 2021 with 249 sold.
- There were 2,137 active listings for sale on the Victoria Real Estate Board Multiple Listing Service at the end of August 2022, a decrease of 1.2 per cent compared to the previous month of July but a 90.8 per cent increase from the 1,120 active listings for sale at the end of August 2021.
Where is the market headed?
One of the metrics we watch when we look at the market is the sales to active listings ratio, which helps indicate the balance of supply and demand. A high percentage means more of the available listings have sold, which shows a high buyer demand and that's generally a favourable market for sellers. The lower the percentage, the more properties available. In general, we look at the 15 to 20 per cent range as a balanced market. Right now, the ratio is 28.14 per cent, while at this time in 2021 we were at 94.91 per cent. As conditions change, we continue to trend towards a more balanced market.
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Contact us for more information.