{"id":1308,"date":"2022-04-02T16:13:07","date_gmt":"2022-04-02T23:13:07","guid":{"rendered":"https:\/\/www.ingridjarisz.com\/blog\/?p=1308"},"modified":"2022-04-02T16:13:07","modified_gmt":"2022-04-02T23:13:07","slug":"victoria-real-estate-market-continues-to-experience-low-inventory-and-high-demand","status":"publish","type":"post","link":"https:\/\/www.ingridjarisz.com\/blog\/victoria-real-estate-market-continues-to-experience-low-inventory-and-high-demand\/","title":{"rendered":"Victoria real estate market continues to experience low inventory and high demand"},"content":{"rendered":"\n
A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family homes decreased 28.2 per cent from March 2021 with 412 sold. \u00a0 \u201cOnce again, we have had a record breaker of a month,\u201d said 2022 Victoria Real Estate Board President Karen Dinnie-Smyth. \u201cThis March had the lowest number of active listings we have seen in a month of March \u2013 beating last year\u2019s record low. For context, in the past five years the average number of active listings at the end of March is 1,864 properties. This March had just over one thousand properties at month end. We did see more homes come to market this month compared to February – which is a positive sign – but our supply is still so constricted that multiple offers and competition continues, especially in the lower price ranges. We may see a lift in that pressure if more listings come to market over the spring, but since our inventory is so much lower than average, we have a long way to go to find balance.\u201d \u00a0 There were 1,063 active listings for sale on the Victoria Real Estate Board Multiple Listing Service\u00ae at the end of March 2022, an increase of 25.2 per cent compared to the previous month of February but an 18.9 per cent decrease from the 1,310 active listings for sale at the end of March 2021. \u00a0 \u201cMarch generally kicks off the busy spring real estate season,\u201d adds President Dinnie-Smyth. \u201cHowever, this month\u2019s sales and listings may have been partly depressed by reasons beyond the market. After two spring breaks of COVID restrictions, it\u2019s plausible that many prospective buyers and sellers put their plans on pause to travel. Looking forward, it is difficult to predict what this spring will look like as those buyers and sellers return to the market. Many factors – including rising interest rates, the government\u2019s promise to apply new barriers to sales such as cooling-off periods, inflationary pressures and record high house prices – continue to make this a challenging market. If you are considering a move, a sale or both, it\u2019s a good time to engage the assistance of a trusted local REALTOR\u00ae to help you navigate the complex landscape.\u201d \u00a0 The Multiple Listing Service\u00ae Home Price Index benchmark value for a single family home in the Victoria Core in March 2021 was $968,500. The benchmark value for the same home in March 2022 increased by 27.4 per cent to $1,233,700, up from February\u2019s value of $1,196,300. The MLS\u00ae HPI benchmark value for a condominium in the Victoria Core area in March 2021 was $497,000 while the benchmark value for the same condominium in March 2022 increased by 27.8 per cent to $653,100, up from the February value of $603,600. \u00a0

Read the statistics package here.<\/strong><\/a> \u00a0

The release and the full statistics package will be posted to the VREB website at www.vreb.org\/current-statistics<\/strong><\/a> later this afternoon.<\/td><\/tr><\/tbody><\/table><\/figure>\n","protected":false},"excerpt":{"rendered":"

A total of 833 properties sold in the Victoria Real Estate Board region this March, 29 per cent fewer than the 1,173 properties sold in March 2021 but a 16 per cent increase from February 2022. Sales of condominiums were down 26 per cent from March 2021 with 279 units sold. Sales of single family  Continue Reading »<\/a><\/p>\n","protected":false},"author":4,"featured_media":1129,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/posts\/1308"}],"collection":[{"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/comments?post=1308"}],"version-history":[{"count":1,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/posts\/1308\/revisions"}],"predecessor-version":[{"id":1309,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/posts\/1308\/revisions\/1309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/media\/1129"}],"wp:attachment":[{"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/media?parent=1308"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/categories?post=1308"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ingridjarisz.com\/blog\/wp-json\/wp\/v2\/tags?post=1308"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}