February 2024 Victoria Real Estate Market Update

Dated: March 6 2024

Views: 5

   

More inventory means greater opportunity in Victoria real estate market

March 1, 2024  A total of 470 properties sold in the Victoria Real Estate Board region this February, 2.2 per cent more than the 460 properties sold in February 2023 and a 37.8 per cent 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 per cent 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 per cent compared to the previous month of January and a 30.7 per cent 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 per cent 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."

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 per cent 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 per cent to $557,000, down from the January value of $559,000.

Original Source: VREB

Blog author image

Julia Blackburn

Originally born and raised in Alberta, moving to the West Coast has been a dream come true! Having traveled all over the globe, I feel truly blessed to call Vancouver Island home and am passionate abo....

Latest Blog Posts

April 2024 Victoria Real Estate Market Update

   Spring property market brings positives for buyers and sellers in VictoriaMay 1, 2024  A total of 678 properties sold in the Victoria Real Estate Board region this April, 6.4

Read More

March 2024 Real Estate Market Update

   Supply still key to Victoria's housing marketApril 2, 2024  A total of 588 properties sold in the Victoria Real Estate Board region this March, 0.3 per cent fewer than

Read More

February 2024 Victoria Real Estate Market Update

   More inventory means greater opportunity in Victoria real estate marketMarch 1, 2024  A total of 470 properties sold in the Victoria Real Estate Board region this February, 2

Read More

January 2024 Victoria Real Estate Market Update

   A balanced market means opportunity for buyers and sellers in VictoriaFebruary 1, 2024  A total of 341 properties sold in the Victoria Real Estate Board region this

Read More