December 2023, the real estate market in Victoria, BC
Is experiencing a period of relative stability, albeit with some cooling trends. A total of 394 properties were sold in the Victoria Real Estate Board region in November 2023. This figure represents a 2.6% increase from the 384 properties sold in November 2022 but a 3.2% decrease from October 2023. Notably, sales of condominiums were down by 11.8% compared to November 2022, with 120 units sold, while sales of single-family homes increased by 6% from November 2022 with 193 sold.
The number of active listings on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2023 was 2,644. This is a decrease of 4.1% compared to October 2023 but a significant 25.2% increase from the 2,111 active listings at the end of November 2022.
In terms of pricing, the median selling price for single-family homes in Greater Victoria was $1,112,000 in November 2023, an 11.2% increase compared to November 2022. However, there was a slight 0.3% decrease from the median selling price in October 2023. For condominium apartments, the median selling price in November 2023 was $522,500, which represents a 3.4% decrease compared to the same period last year and a 3.2% decrease from October 2023. The median selling price for row/townhomes was $847,000 in November 2023, showing a 14.9% increase compared to last year and a 13.3% increase from October 2023.
The average selling prices also reflected similar trends. The average selling price for single-family homes was $1,243,912 in November 2023, an 11.2% increase compared to the previous year but a 0.3% decrease from October 2023. Condominium apartments had an average selling price of $600,921, down 3.0% from November 2022 and 2.5% from October 2023. Row/townhomes averaged at $855,020, a 6.5% increase from the previous year and a 5.4% increase from the preceding month.
The sales to active listings ratio for November 2023 was 19%, indicating a balanced market. This ratio is a key indicator of market conditions, showing whether the market is favouring buyers or sellers.
Overall, these statistics suggest that while the market in Victoria is seeing some fluctuations in activity and pricing, it remains relatively stable with a balanced market dynamic. For those interested in the Victoria real estate market, it's an opportune time to engage with a local Realtor® to understand the nuances and opportunities in this dynamic market.
For detailed information on the Victoria real estate market, you can visit the site of VREB "The Victoria Real Estate Board"
Consider contacting Ainsley Gower a local Victoria Realtor for all your real estate needs
