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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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Commentary on the Victoria Real Estate Market Report for May 2024

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.

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.