December 2024 Market Stat Update

November Market Update: Sales Surge in Victoria Real Estate Region

In November 2024, the Victoria Real Estate Board saw 551 properties sold, marking a 39.8% increase compared to the 394 sales in November 2023. However, this represents a 15.7% decrease from October 2024.

Condo sales saw a significant uptick, with 186 units sold—a 55% jump from November 2023. Single-family home sales also rose, with 263 homes sold, reflecting a 36.3% increase year-over-year.

According to VREB Chair Laurie Lidstone, optimism is driving market activity:
"I’ve found that buyers and sellers are feeling optimistic right now. 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 big decisions around home ownership, knowing they have a fairly stable real estate environment to navigate."

Inventory Trends

At the end of November 2024, there were 2,836 active listings on the MLS. This represents a 10.3% decrease compared to October 2024 but a 7.3% increase from the 2,644 listings available in November 2023.

Home Prices Steady in November

The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core increased by 1% year-over-year, from $1,290,100 in November 2023 to $1,302,900 in November 2024. This was a slight rise from October's benchmark value of $1,300,200.

Meanwhile, condominium prices in the Victoria Core decreased by 4.7%, dropping from $571,300 in November 2023 to $544,400 in November 2024. This was also down slightly from October's benchmark of $547,800.

If you're considering buying or selling, now's the time to plan ahead and be prepared for the 2025 spring market. The market remains balanced, and opportunities are available for those ready to make a move!