In the Victoria Real Estate Board region, 38.9 per cent fewer properties sold this July. A total of 510 properties sold this July compared to 835 properties sold in July 2021. This accounts for a 16.7% decrease. Sales of single-family homes decreased 35.9 per cent from July 2021 with 254 sold.
We continue to see a slight shift in the market with sales dipping and fewer listings coming to market. Existing inventory is lasting a little bit longer than the frenzy we’ve experienced over the last two years.
This slowdown means a more balanced environment where buyers and sellers have time for decision-making, which is a relief and benefit to all.
There was an increase of 5% in active listings at the end of July 2022 compared to the previous month of June, and a 70.2% increase in active listings for sale compared to July 2021. This indicates buyers have more options but it is still a strong market for sellers too.
Due to inflation and interest rates, there have been fluctuations in price and availability and that change is seen monthly as it moves. However, it’s important to remember that interest rates are still at near-historic lows and that values will rise and fall over time. When you buy a home, you are buying a long-term investment and not just month-to-month. Homes are where people live their lives and spend time with family and loved ones. These little fluctuations don’t mean much on the long-term scale.
If you are considering buying or selling, it’s important to consult with a trusted REALTOR® to keep informed regarding current values and market conditions. We’re always here to help if you have questions.