Victoria real estate market slow and steady for buyers and sellers
July 2, 2024 A total of 661 properties sold in the Victoria Real Estate Board region this June, 6.2 per cent fewer than the 705 properties sold in June 2023 and a 13.4 per cent decrease from May 2024. Sales of condominiums were down 16.5 per cent from June 2023 with 202 units sold. Sales of single family homes increased by 6.2 percent from June 2023 with 342 sold."June followed our normal seasonal trends," said 2024 Victoria Real Estate Board Chair Laurie Lidstone. "With more inventory and slightly fewer sales when compared to May, most buyers last month would have experienced a market with more choice and more time to make decisions, and some sellers may have experienced longer than expected timelines to find their buyer. Of course, the Greater Victoria real estate market is made up of many smaller markets with unique conditions, so there are still areas and price points where we see intense competition. Overall, however we saw the busier spring market shift into summer over the course of June, as we'd expect."
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 per cent compared to the previous month of May and a 47.7 per cent increase from the 2,342 active listings for sale at the end of June 2023.
"We can see by the flat numbers in terms of both sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market," adds Chair Lidstone. "I think this is good news, as the more stable the market is, the more it supports both buyers and sellers. If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring was, as consumer priorities shift to vacations and outdoor pursuits. If the pattern continues, we'll likely see an increase in activity as fall nears. Those still shopping or selling over the summer will likely see timelines stretch and more choice with less pressure. It's a smart time to connect with your favourite local REALTOR to discuss strategy and what opportunities exist in the Greater Victoria market."
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 per cent 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 per cent to $567,900, down from the May value of $569,500.
About the Victoria Real Estate Board - Founded in 1921, the Victoria Real Estate Board is a key player in the development of standards and innovative programs to enhance the professionalism of REALTORS®. The Victoria Real Estate Board represents 1,656 local Realtors. If you are thinking about buying or selling a home, connect with your local Realtor for detailed information on the Victoria and area housing market.
Original Source: VREB
