June 2024 - Victoria MLS Market Update

Victoria Steadies with Increased Inventory and Balanced Conditions

June 2024 saw a continued shift in the Victoria real estate market, with 661 properties sold. This represents a 6.2% decrease compared to the 705 properties sold in June 2023 and a 13.4% drop from May 2024.

Sales Breakdown

• Condominiums: Sales were down 16.5% from June 2023, with 202 units sold.
• Single Family Homes: Sales increased by 6.2% compared to June 2023, with 342 homes sold.

According to Laurie Lidstone, the 2024 Chair of the Victoria Real Estate Board, “June followed our normal seasonal trends. With more inventory and slightly fewer sales when compared to May, most buyers last month would have experienced a market with more choice and more time to make decisions, while some sellers may have experienced longer-than-expected timelines to find their buyer.” This seasonal shift from a busier spring market to a more relaxed summer pace was anticipated.

Inventory and Market Conditions

One of the most significant changes this June was the growth in available listings. By the end of the month, there were 3,460 active listings on the Multiple Listing Service® (MLS®), marking a 3.7% increase from May and a significant 47.7% jump from the 2,342 active listings at the end of June 2023. This growing inventory has provided buyers with more options and contributed to longer decision-making timelines.

Chair Lidstone added, “We can see by 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. A stable market supports both buyers and sellers.” As summer progresses, the market is expected to cool off slightly, as consumer attention shifts to vacations and other activities, leading to potentially slower sales until activity picks up again in the fall.

Pricing Trends

In terms of pricing, the Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core decreased by 1.4%, from $1,314,000 in June 2023 to $1,295,500 in June 2024. This value was also down slightly from May 2024’s figure of $1,309,700.

For condominiums, the benchmark value in the Victoria Core increased slightly by 0.1%, reaching $567,900 in June 2024, compared to $567,300 in June 2023, though down from May’s value of $569,500.

A Season of Stability

The current market in Victoria offers a sense of stability and predictability for both buyers and sellers. With more inventory available, there’s less pressure to make rushed decisions, and many buyers are taking the time to carefully consider their options. Sellers, while seeing slightly longer timelines to find the right buyer, are still benefiting from steady demand, particularly in certain price points where competition remains strong.

As summer unfolds, those still engaged in the market are likely to encounter a slower pace, but with plenty of opportunities. Chair Lidstone advises, “It’s a smart time to connect with your favourite local REALTOR® to discuss strategy and what opportunities exist in the Greater Victoria market.”

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