August 2022 Market Statistics:
Properties Sold: 478
Active Listings: 2,137
Benchmark Condominium: $621,900
Benchmark Single Family Home: $1,391,700
The ‘sales to active listings‘ ratio is another metric that can help to describe market conditions; also known as the absorption ratio, it is a percentage representing how many available listings have sold within a month. The higher the percentage: the more available listings that have sold, indicating a high demand amongst buyers.
A balanced market sits at around 15% to 20%.
Currently, the sales to active listings ratio is 28.14%.
This time last year, the ratio was at a startling 94.91%.
While the Victoria real estate market is indeed slowing down, we are moving towards a more balanced market.
I’m always happy to answer any questions you may have about the market. Call or text: 250-634-2141, or email at [email protected].
Thank you for being here,
Alex Hughes* and Ricki-Lee Jewell, Victoria, BC Real Estate Agents
*Personal Real Estate Corporation
