Happy Valentine’s Day!

February 2024

The current market conditions in Greater Victoria are one of a balanced market with good opportunities for buyers and sellers. Sales are low but so is inventory, so overall prices are remaining steady and with the high interest rates predicted to continue into the next quarter, the market should remain stable as we enter into the spring market.

Below are some of the statistics for January 2024

Listing Inventory:

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 % compared to the previous month of December and a 23.1 % increase from the 1,739 active listings for sale at the end of January 2023. While inventory is up over the last year, it is still significantly lower than the historic average.

Sales:

A total of 341 properties sold in the Victoria Real Estate Board region this January, 22.7 % more than the 278 properties sold in January 2023 and a 3.6 % increase from December 2023. Sales of condominiums were up 10.9 % from January 2023 with 112 units sold. Sales of single family homes increased % from January 2023 with 162 sold. Sales were higher than a year ago, but overall, the numbers are still on the lower side compared to the previous 10 year average.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 % to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 % to $559,000, down from the December value of $562,000. Month over month, prices have continued to drop ever so slightly. The overall averages are very close to one year ago, so the high interest rate climate has kept prices in check.

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.