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.
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