Victoria Real Estate Market Conditions: Opportunities for Both Buyers and Sellers
As of September 2024, the Victoria housing market has shown solid growth and stability, presenting opportunities for both buyers and sellers alike. With 571 properties sold across the Victoria Real Estate Board region, sales were up 15.8% compared to September 2023, and saw a modest 4.8% increase from August 2024. This uptick in activity reflects a balanced market, offering benefits for all parties involved in real estate transactions.
Steady Increases in Sales for Condos and Single-Family Homes
One of the highlights of September 2024 was the significant increase in sales for both condominiums and single-family homes:
- Condominium sales surged by 21.9% from September 2023, with 189 units sold.
- Single-family home sales increased by 19.3%, with 272 homes sold.
These numbers reflect a stable market where buyers are feeling more confident, and sellers are still finding opportunities to close deals. With sales growing across both property types, the Victoria real estate market is in a more balanced position than in previous years, providing comfort for buyers and sellers to navigate the market with less pressure.
A Balanced Housing Market Brings Predictability
Victoria Real Estate Board Chair Laurie Lidstone highlighted the benefits of the current market conditions:
“The real estate market in Victoria right now is much more stable and more predictable than it has been in recent years. We have seen a few solid months of near-balance in the market, which means it’s neither a seller’s nor a buyer’s market and positives exist for both sides of a transaction. With downward-trending interest rates and stable pricing combined with more inventory on the market, our current conditions are the most comfortable for consumers to navigate that I’ve seen in a few years.”
This balance is welcome news for both buyers and sellers who may have been discouraged by the unpredictability of previous markets. With less volatility and a more predictable outlook, both parties can take their time to make thoughtful decisions rather than rushing into transactions.
Rising Inventory: More Options for Buyers
One of the major benefits for buyers in the current market is the increase in inventory. At the end of September 2024, there were 3,361 active listings on the Victoria Real Estate Board’s MLS®, representing a 5.3% increase from August and a 24.5% increase from September 2023.
This surge in available listings means buyers have more options to choose from, reducing the pressure to make hasty decisions. It also creates opportunities for buyers to find properties that better fit their budget and lifestyle, especially with more homes on the market at various price points.
Pricing Stability with Slight Decreases
Another encouraging sign for buyers is the slight decrease in home prices, which provides more affordability in a historically expensive market.
- The MLS® Home Price Index (HPI) benchmark value for a single-family home in Victoria’s core decreased by 2.8%, from $1,316,100 in September 2023 to $1,279,700 in September 2024.
- Similarly, the benchmark value for a condominium in Victoria’s core decreased by 5.1%, from $583,400 in September 2023 to $553,400 in September 2024.
This softening in prices, combined with the downward trend in interest rates, offers buyers the opportunity to enter the market with more favorable conditions. While prices are still high relative to historic averages, these slight decreases provide a window for prospective buyers who may have been previously priced out.
Opportunities for Sellers: Still a Strong Market
While buyers are benefiting from increased inventory and stable pricing, sellers are also finding opportunities in today’s housing market. Homes that are priced correctly and located in desirable neighborhoods continue to attract strong interest and, in some cases, multiple offers.
Chair Lidstone noted, “There is less pressure on pricing and more opportunity to take time to make big decisions on real estate. However, there are still situations where you can encounter competition. When the house, price, and location are all highly desirable for buyers, we can see situations where there are competing offers.”
For sellers, working with a knowledgeable realtor can ensure their home is priced competitively while maximizing their return. With a balanced market, sellers can still capitalize on motivated buyers while taking the time to evaluate the right offers.
Final Thoughts
The Victoria real estate market in September 2024 offers a rare balance where both buyers and sellers can find advantages. Buyers benefit from increased inventory, softening prices, and favorable interest rates, while sellers can still find success in a competitive market with the right pricing and strategy.
As the market continues to evolve, the key to success for both sides is understanding the nuances of current conditions. For those considering a move, working with an experienced local agent is crucial to navigating this balanced market and making informed decisions. For the best shot at finding your dream home, contact Victoria’s top realtor Brad Maclaren.