May 2024
Just like the flowers, the Victoria spring real estate market is in full bloom! Listing inventory has increased substantially from a year ago giving lots of choice for Buyers. Sales are up slightly from last month, but lower than previous years for this time of the year, which may put some downward pressure on prices in the coming months if interest rates do not start dropping soon. In the meantime, prices remained strong for April, increasing slightly from the previous month, so this market is a win/win for Buyers and Sellers.
Below are some of the statistics for April 2024
Listing Inventory:
There were 3,017 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2024, an increase of 14 % compared to the previous month of March and a 47.7 % increase from the 2,043 active listings for sale at the end of April 2023. The listings keep coming in, and May has already started out with increased numbers. This bodes well for the market, but it will start shifting towards a Buyers market if this trend continues over the next few months.
Sales:
A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4 % more than the 637 properties sold in April 2023 and a 15.3 % increase from March 2024. Sales of condominiums were up 1.5 % from April 2023 with 208 units sold. Sales of single family homes increased 3.7 % from April 2023 with 337 sold. Overall, these numbers are under historic averages for the spring in Victoria. This is largely due to the high interest rates which has sidelined a significant portion of the Buyer pool.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2023 was $1,295,800. The benchmark value for the same home in April 2024 decreased by 0.9 % to $1,284,600, up from March’s value of $1,279,300. The MLS® HPI benchmark value for a condominium in the Victoria Core area in April 2023 was $564,000 while the benchmark value for the same condominium in April 2024 increased by 0.7 % to $567,800, up from the March value of $567,300. While the market is showing great resilience with inventory increasing, prices cannot continue in an upward direction if inventory increases at a much more rapid pace compared to monthly sales, and the eventual outcome could be some price drops in the coming months. Especially if the Bank of Canada does not start dropping interest rates in June, which now appears to be a 50/50 chance based on the strong job numbers announce this past week.
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
