Victoria Real Estate Market Stats: November 2023 Update
Are you considering buying or selling a single-family home in the picturesque community of Victoria, BC? If so, you'll want to stay up-to-date with the latest real estate market trends. We've gathered data from the national MLS to provide you with valuable insights into the current state of the market in Victoria for November 2023.
Number of Active Listings
- November 2023: 90
- October 2023: 103
- November 2022: 67
One of the key indicators of the real estate market's health is the number of active listings. In November 2023, there were 90 active single-family home listings in Victoria. This number reflects a slight decrease from the previous month, where there were 103 active listings in October 2023. However, compared to November 2022, the market has seen an increase in available inventory, as there were only 67 active listings during the same month last year. This increase in inventory may provide more options for buyers and potentially ease competition in the market.
Number of Sales
- November 2023: 25
- October 2023: 14
- November 2022: 16
The number of homes sold in a given month is another critical metric for understanding market dynamics. In November 2023, there were 25 single-family homes sold in Victoria. This marks a significant increase from the 14 homes sold in October 2023. It's also worth noting that there was a slight increase in sales compared to November 2022, where 16 homes were sold.
This uptick in sales activity could be a positive sign for sellers, indicating a potentially stronger demand for single-family homes in Victoria.
Median Sale Price
- November 2023: $1,200,000
- October 2023: $1,149,500
- November 2022: $1,149,400
The median sale price is a crucial figure that represents the middle point of all the home prices in a given market. In November 2023, the median sale price for single-family homes in Victoria stood at $1,200,000. This figure reflects a modest increase from the previous month when the median sale price was $1,149,500. Comparing it to November 2022, when the median sale price was $1,149,400, we can observe a stable year-over-year growth.
For both buyers and sellers, it's essential to keep an eye on these price trends to make informed decisions regarding home values in the Victoria area.
Average Days on Market
- November 2023: 27
- October 2023: 30
- November 2022: 31
The average number of days a property spends on the market can be an important indicator of market competitiveness and how well priced homes are. In November 2023, the average days on market for single-family homes in Victoria was 27 days. This number reflects a slight improvement from October 2023 when the average days on market were 30 days. Compared to November 2022, when homes spent an average of 31 days on the market, the market appears to be more efficient.
A shorter average time on the market can be beneficial for sellers, indicating that well-priced and desirable properties are selling more quickly.
In conclusion, the November 2023 real estate market in Victoria, BC, shows promising signs of activity. While the number of active listings has decreased slightly from the previous month, there is a healthy increase compared to the same period last year. Sales have risen, suggesting a potentially strong demand for single-family homes. The median sale price continues to show stability and growth, and the average days on market indicate improved market efficiency.
Whether you're a buyer or a seller, staying informed about these market trends can help you make strategic decisions in this beautiful community. If you're interested in exploring single-family homes in Victoria, don't hesitate to reach out to our experienced team of real estate professionals who can provide you with personalized guidance and support.
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.