The Victoria real estate market is always changing, and it can be hard to keep up with all the latest developments. That’s why we’re here to help you make sense of the latest statistics and trends. Whether you’re a homeowner, a buyer, or a seller, you need to know what’s happening in the market so you can make informed decisions.
What’s been happening in the Victoria real estate market lately? Well, the latest numbers show that sales of single-family homes and condos have decreased compared to March of last year. However, there has been an increase in sales from the previous month of February.
In March 2023, a total of 590 properties were sold in the Victoria Real Estate Board region, which is 29.2% fewer than the 833 properties sold in March 2022. Sales of condominiums were down 29.4% from March 2022, with 197 units sold. Sales of single-family homes decreased 31.8% from March 2022, with 281 sold.
But the good news is that the market is starting to show signs of recovery. Victoria Real Estate Board Chair Graden Sol noted that “We’ve seen our sales numbers this month almost double from January.” As we move further into spring, we expect that the return to confidence we’ve seen in the market will continue.
At the end of March 2023, there were 1,970 active listings for sale on the Victoria Real Estate Board Multiple Listing Service®, an increase of 8.9% compared to the previous month of February and an 85.3% increase from the 1,063 active listings for sale at the end of March 2022. This increase in inventory shows that demand is recovering.
Compared to the end of 2022, prices have firmed up and interest rates have become normalized. Consumers are more active, and we are seeing quite a few multiple offers on well-priced properties. As our spring market continues to strengthen, we may start to experience some upward pressure on pricing again.