More inventory means greater opportunity in the Victoria Real Estate Market

The February 2024 Victoria Real Estate Market Stats show that a total of 470 properties were sold in the Victoria Real Estate Board region this February, 2.2 percent more than the 460 properties sold in February 2023 and a 37.8 percent increase from January 2024. Sales of condominiums were down 5.6 per cent from February 2023 with 152 units sold. Sales of single-family homes increased 1.8 percent from February 2023 with 224 sold.

“We saw glimmers of a start to the spring market over the course of February,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “In addition to the increase in sales, more than five hundred new listings came to market when compared to last year’s inventory numbers. This much-needed inventory gives buyers more selection and more time to make their purchasing decisions. We’ve also seen prices continue to remain stable, which is excellent for buyers and sellers because it makes the transaction much
more predictable.”

There were 2,364 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2024, an increase of 10.5 percent compared to the previous month of January and a 30.7 percent increase from the 1,809 active listings for sale at the end of February 2023.

“We noted an increase in townhome sales this past month,” adds Chair Lidstone. “Townhomes are an important segment of missing middle housing, one that is undersupplied in the Greater Victoria area Hopefully the fifty percent increase in townhome sales compared to last year will encourage more development of this type of housing to meet our missing middle housing needs. If you are considering a move this coming spring, it’s a great time to connect with your REALTOR® to make a plan.”

Benchmark Pricing for February 2024, Victoria Real Estate Market Stats

The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 percent to $1,247,400, up from January’s value of $1,244,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 percent to $557,000,
down from the January value of $559,000.

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Original Source: VREB