11/01/2023
๐ถ๐๐๐๐๐๐ 2023 ๐บ๐๐๐๐
Diving into the Victoria real estate market! ๐ ๐ฐ
In October, 407 properties found their new owners in the Victoria Real Estate Board region. That's 15.2% less than in October 2022 and a 17.4% drop from September 2023. Condo sales were down by 7.2% compared to last year, with 141 units sold, while single-family home sales decreased by 16.1% with 193 homes finding new families.
Why the dip? Well, it seems like the uncertainty surrounding interest rates played a role. ๐๐ฆ Interest rates have been climbing, something we haven't seen in nearly two decades! This made some buyers put their plans on hold because they weren't sure if rates would keep going up or stabilize. When interest rates remain stable, consumer confidence usually bounces back, and we've seen sales go up in the past when that happens. But when rates rise, confidence tends to dip.
Good news for potential buyers though! We've got 2,756 active listings on the Victoria Real Estate Board Multiple Listing Serviceยฎ at the end of October 2023. That's a 2.1% increase from September and a whopping 25.7% more than October 2022. More options for you!
And for those wondering about prices, the benchmark value for a single-family home in the Victoria Core increased by 3.9% from last year, reaching $1,305,900 in October 2023. Condos also saw a 1.8% increase in their benchmark value from last year, landing at $585,600 in October 2023.
So, if you're thinking about making a move during the colder months, now might be a good time to chat with your local REALTORยฎ and plan your strategy! ๐๐ก
๐๐พโโ๏ธ Marlon Murr REALTORยฎ๏ธ
Alexandrite Real Estate [email protected]
(778) 679-7755