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August 2022 Market Stats: Victoria real estate market correction

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

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