December 2024
The Victoria real estate market experienced a strong November with decent sale numbers and a good supply of listings heading into the final month of the year. December will be slower as the holiday season begins to take shape, but the forecast appears to be positive for a good 2025. Especially if the Bank of Canada decides to lower interest rates again at their next Meeting on December 11th. In the meantime, all the best to you and your family over the holiday season.
Below are some of the statistics for November 2024
Listing Inventory:
There were 2,836 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2024, a decrease of 10.3 % compared to the previous month of October and a 7.3 % increase from the 2,644 active listings for sale at the end of November 2023. Listings inventory is just under the historic averages yet maintaining a stable balanced market. Again, this should bode well for Buyers and Sellers going into 2025.
Sales:
A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 % more than the 394 properties sold in November 2023 and a 15.7 % decrease from October 2024. Sales of condominiums were up 55 % from November 2023 with 186 units sold. Sales of single family homes increased by 36.3 % from November 2023 with 263 sold. The over all numbers remain higher than 2023, and lower sales for November compared to October is typical. The lower interest rates going into 2025 should result in higher sales numbers.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2023 was $1,290,100. The benchmark value for the same home in November 2024 increased by 1 % to $1,302,900, up from October’s value of $1,300,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in November 2023 was $571,300 while the benchmark value for the same condominium in November 2024 decreased by 4.7 % to $544,400, down from the October value of $547,800. Prices for single family homes have basically flatlined, with a slight uptick month over month, and only a 1% increase from this time a year ago. Condos have been hit harder in 2024, and with more inventory and choice for Buyers, prices have dropped almost 5% from the same time last year, and month over month, have dropped slightly as well. Eventually this will change when interest rates drop to a level that brings in more Buyers. 2025 will be an interesting year to watch the market as lower rates may increase activity into the spring and summer, and if inventory levels drop off, then prices could start to go up again. However, it is hard to predict when this will happen.
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
