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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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