Victoria Real Estate Market Stats: August 2023 Update

When navigating the complex world of real estate, having accurate, up-to-date information is key. If you're interested in the single-family home market in Victoria, BC, we have you covered. Our group has compiled the latest MLS stats data for August 2023, for BC’s capita city, to guide your property decisions—whether you're looking to buy, sell, or simply keep an eye on the market. Let's take a close look at how this month's numbers stack up against July 2023 and August 2022.

Victoria's Single-Family Home Key Metrics for August 2023

• Number of Active Listings: 79
• Number of Sales: 19
• Median Sale Price: $1,425,000
• Average Days on Market: 21

Number of Active Listings

In Victoria, the number of active listings for single-family homes was 79 in August 2023, slightly down from 83 in July 2023 but up from 69 in August 2022. The increase in listings compared to last year suggests a more vibrant market for buyers, while the recent slight decline hints at tightening inventory.

Number of Sales

The market saw 19 sales in August 2023, a subtle decrease from the 20 sales in July 2023 and a more noticeable drop from the 24 sales in August 2022. While the market remains relatively active, the lower number of sales compared to last year suggests slight cooling.

Median Sale Price

The median sale price for single-family homes increased to $1,425,000 in August 2023 from $1,275,000 in July 2023 and $1,222,450 in August 2022. This rising trend signals a potentially favorable market for sellers.

Average Days on Market

Homes were on the market for an average of 21 days in August 2023, a slight increase from 16 days in July 2023 but a small decrease from 23 days in August 2022. The relatively quick sales pace indicates a market that continues to be competitive.

Market Implications

For Buyers

• Expanding Options: A slight year-over-year increase in listings offers more choices.
• Moderate Pace: While properties are selling quickly, average days on market have increased a bit, providing a small window for decision-making.
• Rising Costs: Expect to pay more than last year, as the median sale price is up.

For Sellers

• Good Timing: With prices on the rise, now may be a favorable time to sell.
• Quicker Sales: Lower average days on market means you could sell your home more swiftly.
• Market Slight Cooling: With a dip in sales numbers compared to last year, setting the right price and marketing effectively are crucial.

Wrapping Up

Victoria's single-family home market is showing signs of stability with some areas of growth, particularly in median sale prices. While the market remains competitive, the rising costs and subtle changes in sales activity and inventory offer a nuanced picture that buyers and sellers should consider.

“The market is steady,” says Realtor Virginia Fenton “And steady is a good thing to see from the real estate market in our province’s capital at this time in the economic cycle, and this time of the year.”

If you're interested in taking advantage of the current market conditions in Victoria, feel free to reach out to our team for expert guidance tailored to your specific needs.

Note: All statistics are sourced from national MLS data for August 2023 and are subject to change.