A Balanced Market Means Opportunity for Buyers and Sellers in Victoria

The January 2024 Victoria Real Estate Market Stats show a total of 341 properties were sold in the Victoria Real Estate Board region this January, 22.7 percent more than the 278 properties sold in January 2023 and a 3.6 percent increase from December 2023. Sales of condominiums were up 10.9 per cent from January 2023 with 112 units sold. Sales of single-family homes increased 35 percent from January 2023 with 162 sold.

“Our housing market eased into the new year with a renewed sense of balance,” said 2024 Victoria Real Estate Board Chair Laurie Lidstone. “Sales were up slightly based on last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers.”

There were 2,140 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2024, an increase of 0.4 percent compared to the previous month of December and a 23.1 percent increase from the 1,739 active listings for sale at the end of January 2023.

“I think this balance and stability in our market brings with it an optimistic outlook for the coming months,” adds Chair Lidstone. “If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we’ve seen in the past things can change very rapidly. If you are considering selling or buying, connect with a local Realtor to identify where your opportunities are as we move towards spring.”

Benchmark Pricing for January 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 January 2023 was $1,224,000. The benchmark value for the same home in January 2024 increased by 1.6 percent to $1,244,000 down from December’s value of $1,268,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2023 was $562,200 while the benchmark value for the same condominium in January 2024 decreased by 0.6 percent to $559,000, down from the December value of $562,000.

Looking to buy or sell a home in 2024? Our team of expert REALTORS® are here to help make the process as fun and simple as possible!!

Call us today at (250) 744-3301 to speak with one of our dedicated professionals.

CONTACT A REALTOR®  | SEARCH FEATURED PROPERTIES 

Original Source: VREB