A total of 278 properties were sold in the Victoria Real Estate Board region this January, 41.4 percent fewer than the 474 properties sold in January 2022 and a 13.1 percent decrease from December 2022. Sales of condominiums were down 46.3 percent from January 2022 with 101 units sold. Sales of single-family homes decreased 33 percent from January 2022 with 120 sold.
“If you’re looking at the statistics, this January was one of the slowest we’ve seen on record."
Interest rates, continued low inventory, and the greater economic situation in our area will determine what our early spring market will look like.”
There were 1,739 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2023, an increase of 3 percent compared to the previous month of December and a 133.7 percent increase from the 744 active listings for sale at the end of January 2022.
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in January 2022 was $1,296,600. The benchmark value for the same home in January 2023 decreased by 3.5 percent to $1,251,100, down from December’s value of $1,283,600.
The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2022 was $561,300, while the benchmark value for the same condominium in January 2023 increased by 3 per cent to $578,300, up from the December value of $574,300.
SOURCE VREB