April 2024 - Victoria MLS Market Update

by Dirk Popen

Growing Inventory and Stable Prices Shape Victoria’s Spring Market

The Victoria real estate market continued to build momentum in April 2024, with a total of 678 properties sold, representing a 6.4% increase over the 637 properties sold in April 2023 and a 15.3% rise from March 2024.

Sales Breakdown

Condominiums: Sales were up by 1.5% compared to April 2023, with 208 units sold.
Single Family Homes: Sales saw a 3.7% increase, with 337 homes sold.

Laurie Lidstone, the 2024 Chair of the Victoria Real Estate Board, noted that “The spring market in Victoria kicked off with a gentle increase in sales when compared to last year and continued stable pricing. These factors, combined with growth in the available inventory, have created a welcoming and more balanced market for buyers and sellers.”

Inventory and Market Conditions

Active listings reached 3,017 at the end of April 2024, marking a 14% increase from March and a significant 47.7% jump from the 2,043 listings available in April 2023. This healthy inventory level is reminiscent of market conditions not seen since the summer of 2019, providing more opportunities for both buyers and sellers.

Chair Lidstone further explained, “Last year, interest rates were continuing upwards, creating unpredictability for buyers. This year, we have a much healthier supply of inventory with more stable pricing, making it easier for both buyers and sellers to navigate the market.”

Pricing Trends

The Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 0.9%, reaching $1,284,600 in April 2024, down from $1,295,800 in April 2023 but slightly up from March 2024’s value of $1,279,300.

For condominiums, the benchmark value in the Victoria Core rose by 0.7%, reaching $567,800 in April 2024, up from both the April 2023 value of $564,000 and March 2024’s value of $567,300.

As the spring market progresses, the combination of higher inventory and stable pricing offers an excellent environment for those considering a move. Buyers and sellers alike can benefit from these conditions, making now an ideal time to connect with a local REALTOR® for expert advice and strategy.

For full details, visit the Victoria Real Estate Board here.