October saw a slight uptick in sales and inventory but still isn’t back to pre-covid numbers just yet.
There were a total of 480 properties sold in the Victoria Real Estate Board region, 35.6 percent fewer than the 745 properties sold in October 2021. This is a 17.1 percent increase from September however. Sales of condominiums were down 39 percent from October 2021 with 152 units sold. Sales of single-family homes decreased 32.2 percent from October 2021 with 230 sold.
There were 2,192 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2022, a decrease of 4.7 percent compared to the previous month of September but a 111.6 percent increase from the 1,036 active listings for sale at the end of October 2021.
This is the first time since May 2022 that inventory has remained stable and we’re seeing a slight increase in month-over-month sales. October has shown us an increase in activity, more sales, and well-priced homes seeing plenty of attention. This points to how important it is to work with a qualified Realtor who is up-to-date on the market and understands pricing well.
The Greater Victoria region is unique in that there are many micro-markets and working with a local Realtor will help your success as the market can perform different in these specific areas.