Where are all the listings?
Last year January broke the record for lowest inventory for the month of January and this January broke that record nearly in half! A mere 474 properties sold last month which was an 8.2% increase from December 2021 but 26.6% fewer than the 646 properties that sold in January 2021.
We remain in a very strong Sellers Market with our Sales-to-Active Listings ratio at 63% and we foresee this as unlikely to change until there are substantially more properties on the market. It’s starting to feel like Spring is just around the corner, and we are already starting to see more properties coming to market…
Condominium sales outsold sales of single family home sales in January. We finished the month with the average price for a single family home at $1,410,380; average townhouse at $872,661; and average condominium $683,759.
Are you getting ready to sell a property this year? Many of our clients are taking the time to re-evaluate their financial positions. Selling one investment property to pay off and increase cash flow in an overall real estate investment portfolio could be the difference between working full-time and semi-retirement. Or with the equity growth we have seen in the past few years maybe you are able to refinance and invest in a second property to begin your real estate empire? Or purchase that cabin or ski chalet you always wanted? We love talking strategies and helping all our clients achieve their goals as they plan for the future and balance their lives.
Contact us today to set up a zoom meeting or coffee!
- Real Estate Market Update – Sept 2023Victoria real estate market needs better mix of housing supply to help restore balance A total of 544 properties sold in the Victoria Real Estate Board region this August, 13.8 per … Read more
- Real Estate Market Update June 2023Summer is here! “The month of May marks the highest number of sales we’ve seen since April of last year,” said Victoria Real Estate Board Chair Graden Sol. “While we haven’t … Read more
- Real Estate Market Update for Victoria – April 2023Good news makes for a buoyant market. It looks like the turbulent and uncertain waters of inflation on our real estate market are behind us and it’s back to confidence. The … Read more