Monthly Market Stats: Dec 2023

Hello,

I hope you're have a great week!

Please see the below Real Estate Market Stats for December 2023. 

Key Insights:

• Positive growth in the condominium market.
• Steady demand for single-family homes.
• Seasonal fluctuations typical in sales figures.
• Overall annual sales show a slight dip in total sales.
• Active listings decreased from the previous month but significantly increased year-over-year.
• Benchmark values for single-family homes increased year-over-year, while condominium values saw a slight decrease.

December 2023 Market Overview: Greater Victoria

• Total Sales: 329 properties sold in the Victoria Real Estate Board region.
• Yearly Comparison Sales:
• Increase of 2.8% from December 2022 (320 properties sold).
• November to December Sales:
• Decrease of 16.5% from November 2023.
• Condominium Sales:
• 108 units sold, up 14.9% from December 2022.
• Single-Family Home Sales:
• 158 homes sold, a 1.3% increase from December 2022.
• Annual Sales Total for 2023:
• 6,207 properties sold.
• Represents an 8.77% decrease from the 6,804 sold in 2022.

Saanich Peninsula: MLS® Home Price Index Benchmark Values

• Single-Family Homes (Peninsula):
• December 2022 Benchmark: $1,166,700.
• December 2023 Benchmark: $1,230,700 (5.5% increase).
• Up from November 2023 value of $1,226,300.
• Condominiums (Peninsula):
• December 2022 Benchmark: $623,200.
• December 2023 Benchmark: $646,700 (3.8% increase).
• Down from November value of $646,200.

Victoria Core: MLS® Home Price Index Benchmark Values

• Single-Family Homes (Victoria Core):
• December 2022 Benchmark: $1,236,500.
• December 2023 Benchmark: $1,268,000 (2.5% increase).
• Down from November 2023 value of $1,286,400.
• Condominiums (Victoria Core):
• December 2022 Benchmark: $565,800.
• December 2023 Benchmark: $562,000 (0.7% decrease).
• Down from November value of $577,400.

Active Listings and Inventory:

• Active Listings at End of December 2023:
• 2,132 active listings on the Victoria Real Estate Board Multiple Listing Service®.
• Yearly Comparison:
• Increase of 26.3% from 1,688 active listings at the end of December 2022.
• Monthly Comparison:
• Decrease of 19.4% from November 2023.