Posted on
June 3, 2024
by
Marilyn Ball
The latest market report from the Victoria Real Estate Board (VREB) offers a comprehensive overview of the current dynamics in the Victoria real estate market. In May 2024, a total of 763 properties were sold in the VREB region, reflecting a slight decrease of 1.5% from May 2023's 775 properties but marking a notable 12.5% increase from April 2024.
Market Stability and Increased Inventory
Laurie Lidstone, the 2024 VREB Chair, highlighted that May is typically a peak month for real estate activity in Victoria. This year, the market experienced a stable period for both buyers and sellers, primarily due to an increase in inventory. With 3,338 active listings at the end of May 2024, there was a significant 10.6% rise from April 2024 and a remarkable 52.5% increase from May 2023. This influx of listings provided consumers with more choices and time to make informed decisions, alleviating some of the pressure on pricing and contributing to relatively flat price trends.
Sales and Pricing Trends
Sales of condominiums declined by 5.2% compared to May 2023, with 235 units sold. In contrast, single-family home sales remained steady, matching last year’s figure of 399 sold properties. The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core saw a modest increase of 0.7% year-over-year, reaching $1,309,700 in May 2024. Similarly, the benchmark value for a condominium rose by 1.2% to $569,500, indicating a slight upward trend in property values.
Market Balance and Opportunities
The current market conditions reflect a balanced environment, a significant change from the previous years of imbalance. This balance is beneficial for both buyers and sellers, suggesting a favorable time for market participants to engage in real estate transactions. Lidstone advises prospective buyers and sellers to consult with their REALTORS® to develop tailored strategies that meet their specific needs.
Conclusion
The Victoria Real Estate Board's report underscores a period of stability and increased inventory in the Victoria real estate market. This environment provides a more relaxed atmosphere for buyers and sellers, fostering a healthier market dynamic. As always, the VREB recommends working closely with a local REALTOR® to navigate these conditions effectively.
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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