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!
- Victoria Real Estate Market Update – SeptemberVictoria Real Estate Market Update | Average Home $1.27M. The benchmark price for a home in Greater Victoria area was down 2.9% to $1,391,700 from July’s value of $1,433,400.
- Real Estate Victoria | Market Update – July 2022Not surprisingly the slowdown in the real estate market in Victoria continued with the Sales-to-Active Listings ratio down to 29.7% at the end of last month. This represents another 10% drop … » Learn More about Real Estate Victoria | Market Update – July 2022
- Victoria Real Estate Market Update – June 2022The shift towards a balanced market continues. In May we saw the effect of the Fed’s (Bank of Canada) interest rate hikes and the uncertainty in the economy as a whole. … » Learn More about Victoria Real Estate Market Update – June 2022