The Victoria real estate market has shown a steady yet slow trend for both buyers and sellers this June. According to the Victoria Real Estate Board, a total of 661 properties were sold in the region, marking a 6.2 percent decrease from the 705 properties sold in June 2023, and a 13.4 percent drop from May 2024. Condominium sales experienced a significant decline of 16.5 percent compared to June 2023, with only 202 units sold. Conversely, single-family home sales saw a 6.2 percent increase from the previous year, totaling 342 sold.
Seasonal Trends and Market Conditions
“June followed our normal seasonal trends,” noted Laurie Lidstone, the 2024 Victoria Real Estate Board Chair. “With more inventory and slightly fewer sales compared to May, most buyers last month experienced a market with more choices and more time to make decisions. Some sellers may have faced longer-than-expected timelines to find their buyers. The Greater Victoria real estate market is composed of many smaller markets with unique conditions, so there are still areas and price points where we see intense competition. Overall, we saw the busier spring market transition into summer throughout June, as we’d expect.”
By the end of June 2024, there were 3,460 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® (MLS®), a 3.7 percent increase from May and a substantial 47.7 percent increase from the 2,342 active listings at the end of June 2023.
Stability in the Market
“We can see from the flat numbers in terms of both sales and prices compared to last year that this is not going to be a tumultuous year for the real estate market,” added Chair Lidstone. “This is good news, as a more stable market supports both buyers and sellers. If we continue to see seasonal norms in our market, the upcoming summer months will be slower and quieter than spring, as consumer priorities shift to vacations and outdoor activities. If this pattern continues, we’ll likely see an increase in activity as fall nears. Those still shopping or selling over the summer will likely see timelines stretch and more choice with less pressure. It’s a smart time to connect with your favorite local REALTOR® to discuss strategy and opportunities in the Greater Victoria market.”
Benchmark Values and Price Trends
The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core in June 2023 was $1,314,000. By June 2024, this value had decreased by 1.4 percent to $1,295,500, down from May’s value of $1,309,700. The HPI benchmark value for a condominium in the Victoria Core area in June 2023 was $567,300, while in June 2024, it saw a slight increase of 0.1 percent to $567,900, down from May’s value of $569,500.
Key Insights for Buyers and Sellers
For those looking to navigate the Victoria real estate market, understanding these trends is crucial. The current market conditions suggest a balanced environment where both buyers and sellers can find opportunities. Buyers can benefit from the increased inventory and the extended time to make decisions. Sellers, on the other hand, should be prepared for potentially longer timelines to find the right buyer but can take advantage of the stable market conditions to position their properties effectively.
Expert Advice: Top Realtor Victoria BC
Connecting with a top Realtor in Victoria, BC, is essential in such a dynamic market. Experienced Realtors can provide valuable insights, market analysis, and strategic advice to help buyers find the best deals and sellers achieve optimal pricing. With the market showing signs of stability and seasonal patterns, working with a top Realtor can make a significant difference in navigating the complexities of real estate transactions.
Preparing for the Future
As we move further into the summer, the market is expected to slow down, aligning with seasonal trends. This period can be an excellent time for buyers to explore their options without the pressure of intense competition. Sellers should use this time to refine their listings and strategize with their Realtors to attract serious buyers. The fall season is likely to bring a resurgence in activity, making it crucial for both buyers and sellers to stay informed and prepared.
The Victoria real estate market is navigating through a phase of stability and gradual change. With an increase in inventory and a decrease in sales, the market offers more options for buyers and a slower pace for sellers. This balanced environment allows for strategic decision-making and potentially advantageous opportunities for both parties. For those looking to buy or sell, staying informed and consulting with local real estate professionals will be key to navigating the market successfully.
Whether you’re a buyer seeking more choices or a seller aiming for the right price, the current market conditions in Victoria offer a promising landscape. By partnering with a top realtor in Victoria BC, you can ensure a smooth and successful real estate experience. Stay ahead of the trends, understand the market dynamics, and make informed decisions to achieve your real estate goals.
