Victoria Real Estate Market Update-September 2024

September 2024

Victoria’s Summer real estate market is coming to an end and the Fall market transition has begun. Activity has picked over the last few weeks, which it typically does after the kids have returned to school and summer holidays have ended. The recent Bank of Canada interest rate drop should also bring more buyers into the market this fall.

Below are some of the statistics for August 2024

Listing Inventory:

There were 3,191 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2024, a decrease of 4.7 % compared to the previous month of July and a 28.2 % increase from the 2,490 active listings for sale at the end of August 2023. Listing inventory is still on the higher side, so the market remains stable but more in favour of Buyers. Sellers need to be well priced, as only about 1 in 6 homes are selling per month at this time.

Sales:

A total of 545 properties sold in the Victoria Real Estate Board region this August, 0.2 % more than the 544 properties sold in August 2023 and a 16.5 % decrease from July 2024. Sales of condominiums were up 10.4 % from August 2023 with 181 units sold. Sales of single family homes decreased by 7.7 % from August 2023 with 252 sold. Overall sales have remained stable, but lower than seasonal averages. Higher interest rates have definitely taken their toll on Buyers entering the market over the last year. With rates dropping, the market could see an increase in sales this fall.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2023 was $1,327,800. The benchmark value for the same home in August 2024 decreased by 3 % to $1,287,400, down from July’s value of $1,296,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in August 2023 was $575,900 while the benchmark value for the same condominium in August 2024 decreased by 2.9 % to $559,200, down from the July value of $567,800. Prices are down about 3% from a year ago but have remained relatively stable over the last few months and this trend should continue throughout the remainder of 2024.

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

The information contained in this blog is for general information purposes only. The information is provided by Dale Sheppard and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this blog.