In October 2023, the Victoria Real Estate Board observed a shift in property transactions and market dynamics compared to the previous year and the preceding month.
Total Properties Sold:
There were 407 properties sold in the Victoria Real Estate Board region in October 2023, marking a 15.2% decrease from October 2022 and a notable 17.4% decrease from September 2023.
Condominium Sales:
Condominium sales experienced a decline, with 141 units sold in October 2023, down by 7.2% compared to October 2022.
Single Family Home Sales:
Sales of single-family homes also decreased, with 193 units sold in October 2023, reflecting a 16.1% decrease from October 2022.
Market Trends and Factors:
The decline in property sales may be attributed to consumers navigating higher interest rates, leading to uncertainty and some buyers delaying their purchasing plans. Fluctuations in interest rates notably affected consumer confidence in the market.
Active Listings:
By the end of October 2023, active listings in the Victoria Real Estate Board totalled 2,756, indicating a 2.1% increase from September 2023 and a substantial 25.7% increase from October 2022.
Market Outlook:
Despite the seasonal slowdown anticipated in late fall and winter, the market observed a steady rise in available properties for sale. This increase in inventory provided buyers with more options and indicated active buyer interest during these months.
Home Price Index (HPI):
The HPI benchmark value for a single-family home in the Victoria Core area increased by 3.9% to $1,305,900 in October 2023 from $1,257,100 in October 2022. For condominiums in the Victoria Core area, the HPI benchmark value increased by 1.8% to $585,600 in October 2023 from $575,300 in October 2022.
Conclusion
In October 2023, Victoria Real Estate Properties faced challenges due to fluctuating interest rates and decreasing sales for condominiums and single-family homes. However, the increased inventory signifies a market ready to offer diverse options.
Rising benchmark prices reflect resilience within the Victoria Core area. Amidst these fluctuations, the market presents a dynamic mix of challenges and opportunities for buyers and sellers.
