April 2024
The Greater Victoria real estate market is beginning to pick up as we enter the spring season. More homes are hitting the market this year which bodes well for Buyers. Prices remain stable and actually increased slightly in March for the first time in months. The Bank of Canada kept it’s overnight rate the same this week so there is no relief coming with mortgage rates at this time. Overall, the market should remain the same for the coming months, with inventory increasing and sales volume remaining lower than usual for this time of the year.
Below are some of the statistics for February 2024
Listing Inventory:
There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 % compared to the previous month of February and a 34.4 % increase from the 1,970 active listings for sale at the end of March 2023. Listing inventory is increasing at a faster rate than sales right now, so there should be an excess supply of listings over the next few months.
Sales:
A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 % fewer than the 590 properties sold in March 2023 but a 25.1 % increase from February 2024. Sales of condominiums were down 10.2 % from March 2023 with 177 units sold. Sales of single family homes increased 1.8 % from March 2023 with 286 sold. Sales volume typically picks up in the spring, so the monthly increase is normal. The decrease from March 2023 shows how the effects of the higher interest rates are keeping a lot of Buyers on the sidelines. The results are higher inventory levels, giving buyers more choice at this time.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300. The benchmark value for the same home in March 2024 increased by 1.7 % to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 % to $567,300, up from the February value of $557,000. Prices increased from February to March of this year. With inventory increasing and sales remaining low, this price increase was a surprise, but it shows the continued strength of the Victoria market.
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
