Victoria Real Estate Market Update-November 2024

October 2024

The Victoria real estate market remains balanced this fall with Increased sales, lower interest rates and a healthy supply of listings. These conditions should remain for the balance of 2024 and into the new year.

Below are some of the statistics for October 2024

Listing Inventory:

There were 3,161 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2024, a decrease of 6% compared to the previous month of September and a 14% increase from the 2,756 active listings for sale at the end of October 2023. The overall inventory levels are still on the higher side, so buyers have more choice, and Sellers must price correctly to attract offers.

Sales:

A total of 654 properties sold in the Victoria Real Estate Board region this October, 60.7 % more than the 407 properties sold in October 2023 and a 14.5 %increase from September 2024. Sales of condominiums were up 32.6 % from October 2023 with 187 units sold. Sales of single family homes increased by 76.2 % from October 2023 with 340 sold. The fall sales numbers are on par for the 10 year averages, so the lower interest rates are bringing more Buyer into the market compared to the same time in 2023.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2023 was $1,310,100. The benchmark value for the same home in October 2024 decreased by 0.8 % to $1,300,200, up from September’s value of $1,279,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2023 was $578,800 while the benchmark value for the same condominium in October 2024 decreased by 5.4 % to $547,800, down from the September value of $553,400. The lower interest rates are increasing the number of sales for single family homes, so prices have increased for the first time in a number of months. However, condo prices are still down and dropped slightly this past month, and this is mainly due to the increase in inventory throughout the region. Overall, the prices are quite stable in all sectors.

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

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