Posted on
November 9, 2024
by
Marilyn Ball
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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