Victoria Real Estate Market Update-March 2024

March  2024

The Victoria real estate market is entering the spring market with higher inventory and more choice for Buyers. With monthly listings far surpassing monthly sales, Sellers must price their homes competitively if they are to attract Buyers. The Bank of Canada did not make any rate changes last week, but most are predicting they will begin to lower rates at their next meeting in late April or by the mid June meeting.

Below are some of the statistics for February 2024

Listing Inventory:

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 % compared to the previous month of January and a 30.7% increase from the 1,809 active listings for sale at the end of February 2023. Listings are up substantially from one year ago, which bodes well for Buyers.

Sales:

A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 % more than the 460 properties sold in February 2023 and a 37.8 % increase from January 2024. Sales of condominiums were down 5.6 % from February 2023 with 152 units sold. Sales of single family homes increased 1.8% from February 2023 with 224 sold. Sales are up from January which is not surprising, and they will continue to increase in March as the spring market kicks into gear. However, the current monthly numbers are a bit lower than the historic averages, and this is mainly due to the higher interest rates keeping some Buyers out of the market.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 % to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 % to $557,000, down from the January value of $559,000. The overall market is quite steady for prices with no major shifts up or down. This trend should continue for the next few months until interest rates begin to drop.

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

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