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The Neal Estate Group's Real Estate Market Update for Victoria for September 2022

Posted by Ron Neal on Monday, September 19th, 2022 at 6:13pm.

Victoria Market Overview - Sales continued their lethargy in August as is somewhat typical of a Victoria summer market. As the volume of transactions dropped (even from an already slow July), inventory kept near pace with the previous month with only 25 listings less on the market. Since the end of August, new listings have not been keeping pace as some buyers come back to the table. A table that appears to be much more favorable to buyers for now, at least compared to recent climates.

Getting into the numbers - 478 properties sold in August in the Victoria region, 42.5% fewer sales than August last year and 6.3% less than July 2022. Condos were hit the hardest with only 148 sales (57.1% down year over year) while there were 249 single-family home sales (30.3% down from last year).

Inventory made a full 90.8% increase in the last 12 months rising from 1,120 listings all the way to hit 2,137 available units at the end of August. Based on these numbers we are at about 4.5 months of inventory (listings divided by sales) which would put us just into a balanced market. That being said, So far in September sales have been outpacing new listings and it is likely buyers will return in greater volume for the spring market.

Considering price - Benchmark home prices decreased 2.9% from July for single-family homes in Victoria (still up 15.8% compared to last year) to hit $1,391,700. Condos came in at $621,900, down 2.8% from July and 22.2% up from last year.

Looking forward - In last month's update, we laid out 3 potential scenarios for the near future in Victoria Real Estate. We did see the mortgage rate jump we had expected (if not the highest we expected) but it is likely that it was the last jump we will see for a while. As prices continue to drop, or more accurately, the stats start picking up the drop that has already happened, it is likely some buyers will become more active again despite the increased cost of borrowing. How much activity we see in the fall market from buyers will be the big question as to whether the push towards a balanced market is just a blip or something more permanent. As a team we had several of our staff purchase homes in the last month and a half so clearly on an individual basis, we still very much believe Real Estate is a good investment.

Click Here for a FREE consultation or call 250-386-8181. Find new listings before they get to MLS and ask us about featuring your home on VictoriaComingSoonListings.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.

Stay safe,

The Neal Estate Group
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca

 

 

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The Neal Estate Team

The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions. 


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