August 2024
The Victoria housing market remains steady for buyers and sellers this summer. Hope you are enjoying this great summer weather. The market activity has been pretty good so if the Bank of Canada lowers interest rates again at the next meeting, the Fall market should remain steady as well.
Below are some of the statistics for July 2024
Listing Inventory:
There were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2024, a decrease of 3.2 % compared to the previous month of June and a 38.4 % increase from the 2,419 active listings for sale at the end of July 2023. Listing inventory is still on the high side, leaving Buyers a lot of choice. The market is still favouring Buyers
Sales:
A total of 650 properties sold in the Victoria Real Estate Board region this July, 9.2 % more than the 595 properties sold in July 2023 and a 1.7 % decrease from June 2024. Sales of condominiums were up 6.5 % from July 2023 with 213 units sold. Sales of single family homes increased by 8.9 % from July 2023 with 319 sold. While sales typically slow in July, the overall sales numbers were up form 2023, so this is good news for Sellers. However, Sellers must be priced right to attract offers because only about 1 in 6 homes listed for sale are selling each month.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2023 was $1,322,800. The benchmark value for the same home in July 2024 decreased by 2% to $1,296,100, up from June’s value of $1,295,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500 while the benchmark value for the same condominium in July 2024 decreased by 0.6 % to $567,800, down from the June value of $567,900. Prices have really flatlined when you look at the small changes month to month, and very little change from one year ago. Typically, when the market is in this state, it is a sign that things will change, as prices never stay the same for very long. Also, with the prediction of interest rates dropping over the next few months, this usually results in an increase in activity which leads to price increases. Therefore, if you are thinking of Buying in the next few months, this looks like a good Buying window.
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
