Market Stats

October 2024 Victoria Real Estate Board Condo Stats

Sat, 09 Nov 2024 07:29:37 GMT

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October 2024 Victoria Real Estate Board Townhome Stats

Sat, 09 Nov 2024 07:28:47 GMT

View the market stats for townhomes below.

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October 2024 Victoria Real Estate Board Single Family Home Stats

Sat, 09 Nov 2024 07:27:16 GMT

View the market stats for single family homes below.

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Commentary on the Victoria Real Estate Market Report for October 2024

Sat, 09 Nov 2024 07:12:45 GMT

October Market Analysis – Victoria’s Return to Balance

October marked an active month for Victoria’s real estate market, with 654 properties sold—a notable 60.7% increase from October 2023 and a 14.5% rise from the previous month. While the uptick may seem dramatic, it’s essential to view these figures in the context of last October’s record low, the smallest sales count for the month since 2008. Rather than a boom, this signals a return to a more stable market typical for this time of year. Interestingly, single-family homes saw a 76.2% rise in sales year-over-year, while condos saw a more modest increase of 32.6%, indicating strong buyer interest across property types.

Inventory and Price Trends Indicate a Balanced Market

October ended with 3,161 active listings, a 6% drop from September but a 14.7% increase from last year. This level of inventory has contributed to a balanced market, where buyers and sellers can engage without the frenzy of multiple offers. Additionally, the benchmark price for single-family homes in the Victoria Core remained stable, down just 0.8% from last year, while condominium prices decreased by 5.4%. With fewer drastic price fluctuations, both buyers and sellers are benefiting from greater predictability in their negotiations.

Interest Rate Adjustments and Market Outlook for Winter

The recent dip in interest rates may be spurring increased buyer confidence, drawing more prospective homeowners and sellers to the market. As we head into winter—a season typically associated with slower sales activity—the balanced conditions present an ideal opportunity for those contemplating a move. Chair-Elect VanderWal noted that although sales are higher, buyers and sellers have a comfortable environment to make decisions with less time pressure.

The final months of the year could offer unique opportunities, but market dynamics are subject to shifts. Connect with me if you’re considering buying or selling, and I’d be happy to provide tailored guidance based on the latest trends and your individual goals.

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn

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September 2024 Victoria Real Estate Board Single Family Home Stats

Sat, 05 Oct 2024 21:41:42 GMT

View the market stats for single family homes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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September 2024 Victoria Real Estate Board Townhome Stats

Sat, 05 Oct 2024 21:39:42 GMT

View the market stats for townhomes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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September 2024 Victoria Real Estate Board Condo Stats

Sat, 05 Oct 2024 21:37:18 GMT

View the market stats for Condo Units below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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Commentary on the Victoria Real Estate Market Report for September 2024

Sat, 05 Oct 2024 21:32:19 GMT

Market Conditions: A Balance Between Buyers and Sellers

The Victoria real estate market has become increasingly balanced, offering benefits to both buyers and sellers alike. In September 2024, 571 properties were sold, marking a 15.8% increase from the same time last year and a 4.8% increase from August. Notably, condominium sales surged by 21.9%, while single-family home sales rose by 19.3%. This steady increase in sales reflects a more predictable and stable environment, unlike the frenetic pace of the past few years.

According to Laurie Lidstone, Chair of the Victoria Real Estate Board, “With downward trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.” This points to a healthier balance in the market, where neither buyers nor sellers hold all the power.

Inventory and Pricing: Key Opportunities

One of the most striking figures from the September stats is the rise in available listings. There were 3,361 active listings at the end of September 2024, a 5.3% increase from August and a 24.5% jump from last year. This expanded inventory gives buyers more choice, reducing the high-pressure situations of the past.

Pricing remains stable but competitive. The benchmark value for a single-family home in the Victoria Core decreased by 2.8% from last year, sitting at $1,279,700. Similarly, condominium prices in the core area dropped by 5.1%, now at $553,400. While pricing remains attractive, some properties, especially those with the right combination of location, design, and price, are still experiencing competitive offers. Buyers need to stay diligent, and sellers can take advantage of market conditions that encourage strategic timing and presentation.

The Path Forward: How to Succeed in This Market

With the current balanced market conditions, it’s an excellent time to make your move—whether you’re buying or selling. Buyers can benefit from lower interest rates and increased choices, while sellers can rely on stable pricing to achieve strong outcomes. As always, working with an experienced REALTOR® can help you navigate the nuances of the market and build a successful real estate strategy.

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn

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August 2024 Victoria Real Estate Board Condo Stats

Sat, 07 Sep 2024 17:03:22 GMT

View the market stats for Condo Units below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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August 2024 Victoria Real Estate Board Townhome Stats

Sat, 07 Sep 2024 17:02:55 GMT

View the market stats for townhomes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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August 2024 Victoria Real Estate Board Single Family Home Stats

Sat, 07 Sep 2024 17:02:23 GMT

View the market stats for single family homes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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Commentary on the Victoria Real Estate Market Report for August 2024

Fri, 06 Sep 2024 07:15:57 GMT

Victoria’s Summer Market Holds Steady

Victoria’s real estate market in August 2024 saw a total of 545 properties sold, marking a slight 0.2% increase from August 2023. However, the numbers indicate a significant 16.5% decrease compared to July 2024, highlighting the typical summer slowdown in the region. Many people put their home-buying or selling plans on hold during this time, focusing on vacations and other summer activities. This trend is not surprising, as August traditionally sees lower market activity.

Condominium Market Shows Strength

One of the notable trends in August was the performance of the condominium market. Sales of condominiums increased by 10.4% year-over-year, indicating stronger demand in this segment. This contrasts with the single-family home market, which saw a 7.7% decrease in sales compared to August 2023. The demand for more affordable housing options like condos may reflect buyers’ desire to secure properties at lower price points amid rising costs and interest rates.

Active Listings and Inventory Trends

Inventory levels are also worth noting. The total number of active listings at the end of August 2024 was 3,191, representing a 4.7% decline from July but a significant 28.2% increase from August 2023. This increase in available homes provides more opportunities for buyers heading into the fall. A higher inventory level can lead to more competition among sellers, potentially affecting pricing and negotiation dynamics in the coming months.

Benchmark Prices on a Slight Decline

In terms of pricing, the market has seen a slight cooling. The benchmark value for a single-family home in the Victoria Core decreased by 3% from August 2023, settling at $1,287,400. Similarly, the benchmark value for a condominium in the Victoria Core dropped by 2.9% year-over-year, now sitting at $559,200. Both of these figures are also down slightly from their July 2024 values. While the market remains relatively strong, these price adjustments suggest a slight shift in favor of buyers as we approach the fall season.

Preparing for a Busy Fall Market

As we transition into the fall, it’s expected that market activity will pick up as people refocus on work, school, and bigger projects like moving. The increased inventory levels combined with a slight decrease in prices could create a more dynamic market environment. Whether you’re buying or selling, it’s essential to work with a knowledgeable Realtor to develop the right strategy for your needs. Stay tuned for further updates as we move into this exciting season!

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn

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July 2024 Victoria Real Estate Board Single Family Home Stats

Tue, 06 Aug 2024 20:04:36 GMT

View the market stats for single family homes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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July 2024 Victoria Real Estate Board Townhome Stats

Tue, 06 Aug 2024 20:04:04 GMT

View the market stats for townhomes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

Contact Marilyn

July 2024 Victoria Real Estate Board Condo Stats

Tue, 06 Aug 2024 20:03:25 GMT

View the market stats for Condo Units below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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Commentary on the Victoria Real Estate Market Report for July 2024

Tue, 06 Aug 2024 19:39:03 GMT

Victoria Housing Market Steady

The Victoria housing market has shown stability this summer, with a total of 650 properties sold in the Victoria Real Estate Board region in July 2024. This represents a 9.2% increase from the 595 properties sold in July 2023, although there was a slight 1.7% decrease from June 2024. Notably, sales of condominiums rose by 6.5% from July 2023, with 213 units sold, and single-family home sales increased by 8.9%, with 319 homes sold.

Sales and Inventory Trends

“The month of July delivered another steady month of sales and listings, as we’d expect for an average summer season in our market,” said Laurie Lidstone, Chair of the 2024 Victoria Real Estate Board. “The sales in July tracked very closely to June numbers, which may have surprised some who expected that summer vacations would take more buyers out of the market. We did see inventory shrink a little from the previous month. This is not unusual for this time of year, but it is a trend we’ll keep an eye on because inventory levels are crucial to keeping our market balanced.”

Indeed, inventory is a key factor in maintaining market equilibrium. At the end of July 2024, there were 3,348 active listings for sale on the Victoria Real Estate Board Multiple Listing Service®, marking a 3.2% decrease from June and a significant 38.4% increase from the 2,419 active listings at the end of July 2023. This fluctuation in inventory can influence buyer behavior and market conditions.

Impact of Government Intervention

Laurie Lidstone also highlighted the ongoing government intervention in the housing market, particularly changes to the Residential Tenancy Act. These changes have introduced some uncertainty for those considering homes with rental options. The complexity and added risk necessitate the expertise of a REALTOR® to navigate the new requirements and ensure successful transactions. This is a crucial point for both buyers and sellers to consider when dealing with tenanted or rental properties.

Property Value Trends

Regarding property values, the Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in July 2023 was $1,322,800. This value saw a slight decrease of 2% to $1,296,100 in July 2024, which is up from June’s value of $1,295,500. Similarly, the MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2023 was $571,500. This value decreased by 0.6% to $567,800 in July 2024, slightly down from the June value of $567,900.

Conclusion

These trends highlight the need for strategic decision-making in the real estate market. Whether you’re considering buying or selling, understanding the nuances of these statistics can provide valuable insights.

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn

June 2024 Victoria Real Estate Board Single Family Home Stats

Sun, 07 Jul 2024 10:34:49 GMT

View the market stats for single family homes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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June 2024 Victoria Real Estate Board Townhome Stats

Sun, 07 Jul 2024 10:33:35 GMT

View the market stats for townhomes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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June 2024 Victoria Real Estate Board Condo Stats

Sun, 07 Jul 2024 10:32:25 GMT

View the market stats for Condo Units below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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Commentary on the Victoria Real Estate Market Report for June 2024

Sun, 07 Jul 2024 10:19:00 GMT

Market Overview

The latest report from the Victoria Real Estate Board (VREB) reveals a market moving at a steady and predictable pace. In June 2024, a total of 661 properties were sold in the VREB region. This represents a 6.2% decrease from the 705 properties sold in June 2023 and a notable 13.4% drop from May 2024.

Sales Trends and Market Conditions

Laurie Lidstone, the 2024 VREB Chair, noted that June followed the usual seasonal trends, with an increase in inventory and a slight decrease in sales compared to May. Sales of condominiums fell by 16.5% from June 2023, with 202 units sold, while single-family home sales saw a 6.2% increase from the previous year, with 342 homes sold.

The rise in active listings has been significant, with 3,460 active listings at the end of June 2024, up 3.7% from May and a substantial 47.7% increase from June 2023. This increase in inventory provided buyers with more options and time to make decisions, although some sellers faced longer timelines to secure buyers.

Stability and Future Projections

Chair Lidstone emphasized the stability in both sales and prices compared to the previous year, suggesting that 2024 is unlikely to see major fluctuations in the real estate market. This stability is beneficial for both buyers and sellers, offering a more predictable environment. As summer progresses, the market is expected to slow down, aligning with seasonal norms as people shift their focus to vacations and outdoor activities. However, a resurgence in activity is anticipated as fall approaches.

For those continuing to shop or sell during the summer, there will likely be extended timelines and less pressure, making it an opportune time to consult with a local REALTOR® to develop a strategic plan tailored to the current market conditions.

Pricing Insights

The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core decreased by 1.4% from June 2023, settling at $1,295,500 in June 2024. This is also a slight drop from May's value of $1,309,700. On the other hand, the benchmark value for a condominium in the Victoria Core area saw a marginal increase of 0.1% from June 2023, reaching $567,900, though this is down from May's value of $569,500.

Conclusion

The Victoria Real Estate Board's June 2024 report highlights a steady market with increased inventory and stable prices, providing a balanced environment for both buyers and sellers. For more detailed insights and personalized advice, the VREB recommends connecting with a local REALTOR®. The complete statistical package and further information can be accessed through the VREB's press release here.

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn

May 2024 Victoria Real Estate Board Single Family Home Stats

Mon, 03 Jun 2024 20:39:00 GMT

View the market stats for single family homes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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May 2024 Victoria Real Estate Board Townhome Stats

Mon, 03 Jun 2024 20:36:00 GMT

View the market stats for townhomes below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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May 2024 Victoria Real Estate Board Condo Stats

Mon, 03 Jun 2024 20:27:00 GMT

View the market stats for Condo Units below.

Get a complimentary consultation for your selling or buying needs in the Victoria Real Estate market.

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Commentary on the Victoria Real Estate Market Report for May 2024

Mon, 03 Jun 2024 20:05:00 GMT

The latest market report from the Victoria Real Estate Board (VREB) offers a comprehensive overview of the current dynamics in the Victoria real estate market. In May 2024, a total of 763 properties were sold in the VREB region, reflecting a slight decrease of 1.5% from May 2023's 775 properties but marking a notable 12.5% increase from April 2024.

Market Stability and Increased Inventory

Laurie Lidstone, the 2024 VREB Chair, highlighted that May is typically a peak month for real estate activity in Victoria. This year, the market experienced a stable period for both buyers and sellers, primarily due to an increase in inventory. With 3,338 active listings at the end of May 2024, there was a significant 10.6% rise from April 2024 and a remarkable 52.5% increase from May 2023. This influx of listings provided consumers with more choices and time to make informed decisions, alleviating some of the pressure on pricing and contributing to relatively flat price trends.

Sales and Pricing Trends

Sales of condominiums declined by 5.2% compared to May 2023, with 235 units sold. In contrast, single-family home sales remained steady, matching last year’s figure of 399 sold properties. The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core saw a modest increase of 0.7% year-over-year, reaching $1,309,700 in May 2024. Similarly, the benchmark value for a condominium rose by 1.2% to $569,500, indicating a slight upward trend in property values.

Market Balance and Opportunities

The current market conditions reflect a balanced environment, a significant change from the previous years of imbalance. This balance is beneficial for both buyers and sellers, suggesting a favorable time for market participants to engage in real estate transactions. Lidstone advises prospective buyers and sellers to consult with their REALTORS® to develop tailored strategies that meet their specific needs.

Conclusion

The Victoria Real Estate Board's report underscores a period of stability and increased inventory in the Victoria real estate market. This environment provides a more relaxed atmosphere for buyers and sellers, fostering a healthier market dynamic. As always, the VREB recommends working closely with a local REALTOR® to navigate these conditions effectively.

If you would like to schedule a time to talk about what these stats mean for you as a buyer or seller, don’t hesitate to contact me.

Contact Marilyn