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.
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