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.
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