March 2024 - Victoria MLS Market Update

Rising Inventory Brings Stability to Victoria’s Real Estate Market

March 2024 saw a slight decline in property sales within the Victoria Real Estate Board (VREB) region, with a total of 588 properties sold, 0.3% fewer than the 590 sold in March 2023. However, this represents a strong 25.1% increase in sales from February 2024, signaling a shift as the spring market picks up momentum.

Sales Breakdown

• Condominiums: Sales were down by 10.2% compared to March 2023, with 177 units sold.
• Single Family Homes: Sales showed a modest 1.8% increase from March 2023, with 286 homes sold.

According to Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, “We’ve concluded a rather quiet first quarter and are transitioning into the spring market. Many of our local REALTOR® members are noting that more shoppers are coming into the market – but this has not necessarily translated into sales numbers. This may change as we move into what is historically the busiest market of the year.”

Inventory and Market Conditions

Inventory continued to rise, providing a healthier environment for both buyers and sellers. By the end of March 2024, there were 2,647 active listings on the Multiple Listing Service® (MLS®), a 12% increase from February 2024 and a significant 34.4% jump from March 2023, when there were 1,970 active listings.

Chair Lidstone remarked, “The increases in inventory we’ve seen in recent months really help to improve the health of our market. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home.”

The growing supply of homes, combined with the seasonal uptick in market activity, is expected to create more movement in the coming months, making this an opportune time for both buyers and sellers to engage with the market.

Pricing Trends

In terms of home prices, the Multiple Listing Service® Home Price Index (HPI) benchmark value for single-family homes in the Victoria Core increased by 1.7%, reaching $1,279,300 in March 2024, compared to $1,258,300 in March 2023. This was also up from February 2024’s value of $1,247,400.

For condominiums, the benchmark value in the Victoria Core rose by 3.3%, reaching $567,300 in March 2024, up from $549,000 in March 2023 and $557,000 in February 2024.

As the spring market unfolds, both buyers and sellers can benefit from the growing inventory and stable pricing. For up-to-date insights and strategic advice, it’s a great time to connect with your local REALTOR®.

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