As the crisp air of winter descends on Victoria, the real estate market is heating up with renewed activity and optimism. November 2024 has proven to be a standout month, with significant growth in property sales compared to the previous year. This momentum reflects a thriving market supported by favorable conditions and increased confidence among both buyers and sellers.
In total, 551 properties were sold in the Victoria Real Estate Board region this November—a remarkable 39.8% increase compared to November 2023. While sales did experience a typical seasonal decline of 15.7% from October 2024, the year-over-year growth indicates a strong and stable market as we approach the holiday season.
November 2024 Market Highlights
- Condominium sales surged by 55%, with 186 units sold, showing increasing demand for these versatile properties.
- Single-family home sales climbed by 36.3%, with 263 homes sold, reinforcing their status as a cornerstone of the Victoria real estate market.
This year’s winter market is setting a positive tone, and buyers and sellers alike are feeling the effects of improved market conditions. Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, shared insights into this newfound optimism:
“With the steady decrease we’ve seen in interest rates and the continued balance in the market, consumers are feeling more comfortable and empowered to make the big decisions around home ownership knowing that they have a fairly stable real estate environment to navigate.”
Inventory Trends: Stability Amid Seasonal Changes
The number of active listings on the Victoria Real Estate Board Multiple Listing Service® (MLS®) at the end of November 2024 totaled 2,836, representing a 10.3% decrease from October 2024 but a 7.3% increase from November 2023.
While inventory levels dipped slightly below the 3,000 mark, they remain significantly healthier than in recent years. Chair Lidstone attributes some of this decline to the natural seasonality of the market:
“Seasonality comes into play this time of year, and the closer we get to the new year, the more folks temporarily move their focus from house shopping to the holidays.”
However, November’s momentum is expected to carry into December, making this an ideal time for buyers and sellers to act. Whether you’re looking to close on a new home before year-end or plan your next move for early 2025, the current market offers opportunities for those ready to engage.
Pricing Trends: Navigating Values in the Victoria Core
Understanding pricing trends is crucial for both buyers and sellers aiming to make informed decisions. The MLS® Home Price Index benchmark values for November 2024 provide valuable insights:
- The benchmark value for a single-family home in the Victoria Core rose by 1% year-over-year, reaching $1,302,900, up from $1,290,100 in November 2023.
- For condominiums, the benchmark value declined by 4.7%, settling at $544,400, compared to $571,300 in November 2023.
This slight decrease in condominium prices presents an excellent opportunity for buyers looking to enter the market or expand their investment portfolios. Meanwhile, single-family homes continue to hold their value, appealing to those seeking stability and long-term growth.
Why Buyers and Sellers Are Feeling Optimistic
Several factors contribute to the growing optimism in Victoria’s real estate market:
- Interest Rate Stability: The steady decrease in interest rates has alleviated financial pressures for many buyers, making homeownership more attainable.
- Balanced Market Conditions: Unlike the extremes of recent years, today’s market offers a balanced environment where buyers and sellers can negotiate confidently.
- Increased Inventory: Despite the seasonal dip, inventory levels remain higher than in previous years, providing more options for prospective buyers.
These elements combine to create an environment where buyers and sellers can approach transactions with greater assurance, knowing they are navigating a stable and predictable market.
Making the Most of the Winter Real Estate Market
If you’re considering buying or selling, the winter season offers unique advantages. For buyers, the cooler months often bring less competition, allowing for more favorable negotiations. For sellers, motivated buyers and a strong year-end market make this an ideal time to list your property.
As one of the top real estate agents in Victoria BC, I’ve seen firsthand how strategic planning and market knowledge can make all the difference. Whether you’re navigating the complexities of pricing, timing your move, or exploring financing options, working with the best realtor in Victoria BC ensures you have the insights and support needed to succeed.
Insights for Buyers
The dip in condominium prices presents an excellent entry point for first-time buyers and investors. Meanwhile, the ongoing demand for single-family homes highlights the lasting appeal of these properties for families and long-term investors.
- Tip: Start your search early to capitalize on the momentum from November and December. With fewer buyers actively searching during the holidays, you could find the perfect home without the stress of high competition.
Insights for Sellers
For sellers, presenting your home during the winter months can create a warm and inviting atmosphere that appeals to buyers. Highlight features like cozy fireplaces, energy-efficient upgrades, and winter-ready landscaping to make your property stand out.
- Tip: Partnering with a top realtor in Victoria BC ensures your home is priced competitively and marketed effectively to attract serious buyers.
Your Local Real Estate Expert
With years of experience and a proven track record, I’m proud to be recognized as one of the best realtors in Victoria BC. My commitment to excellence and personalized service has helped countless clients achieve their real estate goals, whether they’re buying their first home, upgrading to a dream property, or investing in the future.
Working with a top-rated realtor in Victoria BC means you’ll have access to:
- Customized strategies tailored to your unique needs.
- In-depth market insights to guide your decisions.
- A network of trusted professionals to streamline the process.
Let’s Create Your Real Estate Plan
As we head into the new year, now is the perfect time to take the next step in your real estate journey. Whether you’re looking to buy, sell, or simply explore your options, I’m here to help you navigate the market with confidence and success.
Contact me today to work with a top realtor in Victoria BC, and let’s make your real estate dreams a reality this winter.
Ready to find your perfect home or maximize your property’s value? Let’s connect and create a plan tailored to your needs. Reach out to Brad Maclaren, a top real estate agent in Victoria BC, and discover how I can help you succeed in today’s market.