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Commentary on the Victoria Real Estate Market Report for August 2024

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.

Contact Marilyn

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Commentary on the Victoria Real Estate Market Report for July 2024

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.

Contact Marilyn

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Commentary on the Victoria Real Estate Market Report for June 2024

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.

Contact Marilyn

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.