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.
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