Greater Victoria Real Estate Market Stats: November 2023 Update

If you're considering buying or selling a single-family home in the picturesque Greater Victoria region* of British Columbia, you're in for an exciting journey. As we step into November 2023, let's take a closer look at the latest trends and statistics in the local real estate market, based on data from the national MLS.

Number of Active Listings:

  • November 2023: 853
  • October 2023: 928
  • November 2022: 664

One of the key indicators of the real estate market's health is the number of active listings. In November 2023, there were 853 active single-family home listings in the Greater Victoria region. This represents a slight decrease from the previous month, as there were 928 active listings in October 2023. However, it's important to note that the market remains robust compared to November 2022, when there were 664 active listings. This suggests that the demand for single-family homes in Greater Victoria continues to be strong.

Number of Sales:

  • November 2023: 143
  • October 2023: 136
  • November 2022: 147

      The number of single-family home sales in the Greater Victoria region is another essential metric for understanding market dynamics. In November 2023, there were 143 homes sold, showing a modest increase compared to October 2023, when 136 homes were sold. When we compare these figures to November 2022, when 147 homes were sold, we see that the market has remained relatively stable. This stability is a positive sign, as it indicates that Greater Victoria's real estate market is maintaining a consistent level of activity.

      Average Sale Price:

      • November 2023: $1,159,000
      • October 2023: $1,127,500
      • November 2022: $1,130,000

      The median sale price is a critical factor for both buyers and sellers. In November 2023, the median sale price for single-family homes in the Greater Victoria region was $1,159,000. This reflects a slight increase compared to October 2023 when the median sale price was $1,127,500. However, it's important to note that the market remains relatively steady, as these numbers are very close. When we compare the median sale price to November 2022, when it was $1,130,000, we see that prices have experienced moderate growth over the past year.

      Average Days on Market:

      • November 2023: 43
      • October 2023: 39
      • November 2022: 37

      For sellers, the average days on the market is a critical metric. In November 2023, the average time a single-family home spent on the market in Greater Victoria was 43 days. This represents a slight increase from October 2023, when the average was 39 days. However, it's still within a reasonable range, indicating that homes are selling relatively quickly. Compared to November 2022, when the average days on market was 37, there has been a slight uptick. This suggests that buyers in the region may be taking a bit more time to make decisions, but the market remains active.

      Conclusion

      In summary, the Greater Victoria real estate market for single-family homes continues to show strength and stability in November 2023. While there has been a slight decrease in active listings compared to the previous month, the number of sales, median sale price, and average days on market remain relatively steady. These trends indicate that Greater Victoria remains an attractive and competitive market for both buyers and sellers.

      Whether you're looking to buy or sell a single-family home in this beautiful region of British Columbia, it's essential to stay informed about market trends and work with a knowledgeable real estate professional who can guide you through the process. If you have any questions or would like more information about the Greater Victoria real estate market, feel free to reach out to us. We're here to help you make informed decisions in this dynamic and exciting market.

      Data sourced from National MLS as of December 2023. All information is believed to be accurate but is not guaranteed and should be independently verified.

      *Greater Victoria Region includes the following communities; Colwood, Esquimalt, Langford, Metchosin, North Saanich, Oak Bay, Saanich East, Saanich West, Sidney, Sooke, Victoria, Victoria West, View Royal.

      Post a Comment