August is typically one of the slower months for real estate in Victoria, and this year was no exception. After two years of market conditions that favoured home sellers, sales have diminished in the past few months, inventory levels have been slowly increasing, and prices are showing signs of stabilizing.
478 properties sold in the Victoria Real Estate Board region this August. This is 42.5% fewer than the 831 properties sold in August 2021, and a 6.3% decrease from July 2022. It was also a slow month for inventory levels: 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.
Fall is typically considered a great time to move. It’s a season of change and that can be felt by sellers and buyers. There is more breathing room this season over the previous years but it’s still a strong market for sellers as well. If you have questions about the market, we’re always here to help.