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Commentary on the Victoria Real Estate Market Report for October 2024

October Market Analysis – Victoria’s Return to Balance

October marked an active month for Victoria’s real estate market, with 654 properties sold—a notable 60.7% increase from October 2023 and a 14.5% rise from the previous month. While the uptick may seem dramatic, it’s essential to view these figures in the context of last October’s record low, the smallest sales count for the month since 2008. Rather than a boom, this signals a return to a more stable market typical for this time of year. Interestingly, single-family homes saw a 76.2% rise in sales year-over-year, while condos saw a more modest increase of 32.6%, indicating strong buyer interest across property types.

Inventory and Price Trends Indicate a Balanced Market

October ended with 3,161 active listings, a 6% drop from September but a 14.7% increase from last year. This level of inventory has contributed to a balanced market, where buyers and sellers can engage without the frenzy of multiple offers. Additionally, the benchmark price for single-family homes in the Victoria Core remained stable, down just 0.8% from last year, while condominium prices decreased by 5.4%. With fewer drastic price fluctuations, both buyers and sellers are benefiting from greater predictability in their negotiations.

Interest Rate Adjustments and Market Outlook for Winter

The recent dip in interest rates may be spurring increased buyer confidence, drawing more prospective homeowners and sellers to the market. As we head into winter—a season typically associated with slower sales activity—the balanced conditions present an ideal opportunity for those contemplating a move. Chair-Elect VanderWal noted that although sales are higher, buyers and sellers have a comfortable environment to make decisions with less time pressure.

The final months of the year could offer unique opportunities, but market dynamics are subject to shifts. Connect with me if you’re considering buying or selling, and I’d be happy to provide tailored guidance based on the latest trends and your individual goals.

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 September 2024

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.

Contact Marilyn

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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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