In December only 320 properties sold in the Victoria Real Estate Region which is a 16.7% decrease from November. There were 1,688 active listings for sale at the end of December 2022, a decrease of 20% compared to the previous month of November but a 158.9% increase from the mere 652 active listings for sale at the end of December 2021.
A single family home in the Victoria Core in December 2022 decreased by 1.8% from November's value of $1,307,100. Condominiums also saw a decrease in December from previous month by 2.3% while Townhouse values only saw a drop of 0.1% over last November.
We began the year with record low inventory, and with higher than average sales. A grand total of 6,804 properties sold over the course of 2022, 32.3% fewer than the 10,052 that sold in 2021. And then the market changed on a dime. Interest rate increases through the remainder of 2022 signaled the end of low-cost borrowing and pushed buyers to the sidelines. Each time interest rates went up, market activity slowed. As we head into 2023, we continue to see the cost of moving and borrowing money undermine demand. Slower sale activity has resulted in inventory levels rebounding from historic lows, which means there are more opportunities for buyers in our market this year than in recent years.
If you are thinking about buying or selling a home, connect with me for more detailed information on the Victoria