July 2024
The Victoria real estate market is in a ‘slow but steady’ phase at this time. The high interest rates are keeping sales numbers on the lower side which is contributing to the build up of the listing inventory. This gives more choice for Buyers, while Sellers need to price their properties competitively if they expect to attract offers. These conditions should remain for the summer. However, the Canadian inflation rate was just announced today, and the rate dropped slightly, which bodes well for an interest rate cut next week by the Bank of Canada. This could create some increased sales activities into the fall.
Below are some of the statistics for June 2024
Listing Inventory:
There were 3,460 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2024, an increase of 3.7 % compared to the previous month of May and a 47.7 % increase from the 2,342 active listings for sale at the end of June 2023. The Victoria listing inventory will remain high for the balance of this year which bodes well for Buyers, giving them more choice and more time to make a purchase
Sales:
A total of 661 properties sold in the Victoria Real Estate Board region this June, 6.2 % fewer than the 705 properties sold in June 2023 and a 13.4 % decrease from May 2024. Sales of condominiums were down 16.5 % from June 2023 with 202 units sold. Sales of single family homes increased by 6.2 % from June 2023 with 342 sold. The over all sales numbers are down this year, but single family sales actually increased slightly in June which is encouraging for that segment of the market. Condo sales have dropped compared to last month, leading to a faster increase in inventory. Yet prices are remaining steady. This trend of lower sales will continue as long as interest rates remain high.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2023 was $1,314,000. The benchmark value for the same home in June 2024 decreased by 1.4 % to $1,295,500, down from May’s value of $1,309,700. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2023 was $567,300 while the benchmark value for the same condominium in June 2024 increased by 0.1 % to $567,900, down from the May value of $569,500. Overall, there is not much downward pressure on the prices yet, and most sectors of the market are holding steady which shows the resilience 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
