May 2024 - Victoria MLS Market Update

Increased Inventory and Stability Define Victoria's Market

May 2024 saw steady activity in the Victoria real estate market, with a total of 763 properties sold in the region, reflecting a slight 1.5% decline compared to the 775 properties sold in May 2023. However, the market showed a strong 12.5% increase in sales from April 2024, further affirming that spring remains a busy period for both buyers and sellers.

Sales Breakdown

• Condominiums: Sales were down by 5.2% compared to May 2023, with 235 units sold.
• Single Family Homes: Sales held steady, matching last year’s figures, with 399 homes sold.

Laurie Lidstone, 2024 Chair of the Victoria Real Estate Board, commented on the market’s stability, stating, "Spring is generally prime time for real estate in Victoria, and May is typically when we are at or near the peak of activity in our property market. This May was another stable month for both buyers and sellers. With more inventory on the market, consumers had more choice and could take time to make decisions and complete their due diligence."

Growing Inventory and Market Conditions

One of the most significant developments this month was the continued growth in housing inventory. By the end of May 2024, there were 3,338 active listings on the Multiple Listing Service® (MLS®), an impressive 10.6% increase from April and a remarkable 52.5% increase from the 2,189 active listings in May 2023. This increase in listings has helped to ease market pressure, offering buyers more options and reducing the urgency that characterized previous markets.

Chair Lidstone further emphasized the benefits of a more balanced market, noting, "After so many years of consumers navigating an unbalanced market, it is positive for buyers and sellers to see some months of consistent balance. A lot of folks who have been watching the market over recent years may find that now is a good time to sell and buy as market conditions have changed for the better." She added that it’s always wise to connect with a REALTOR® to develop a strategy tailored to individual needs.

Pricing Trends

The real estate market in Victoria also saw stability in pricing, with only modest changes across property types. The Multiple Listing Service® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core increased slightly by 0.7%, reaching $1,309,700 in May 2024, compared to $1,300,900 in May 2023. This figure also marked a small rise from April’s value of $1,301,800.

Condominium prices also saw a similar trend, with the benchmark value in the Victoria Core rising by 1.2%, reaching $569,500 in May 2024, up from $562,900 in May 2023 and from April’s value of $561,200.

A Balanced Market for Buyers and Sellers

One of the key takeaways from the May 2024 market update is the sustained balance between supply and demand. With more inventory available and relatively stable pricing, buyers are no longer feeling the pressure to rush their decisions, while sellers benefit from a more predictable and less volatile market environment. The increased inventory, reaching levels not seen in years, is a strong indicator of a healthier, more accessible real estate market.

As the spring market progresses, now is an opportune time for both buyers and sellers to make informed decisions with the support of experienced local REALTORS®. With the prospect of more balanced and predictable market conditions, both sides of the transaction stand to benefit.

For more detailed statistics and insights, visit the Victoria Real Estate Board here.