November 2024 - Victoria MLS Market Update

by Dirk Popen

November Brings Balanced Conditions to Victoria's Real Estate

The Victoria real estate market continued to demonstrate stability this November. A total of 551 properties were sold, reflecting a 39.8% increase compared to the 394 sales recorded in November 2023. However, sales dropped by 15.7% compared to October 2024, consistent with typical seasonal trends.

Sales Breakdown:

Condominiums: 186 units sold, up 55% year-over-year.
Single-Family Homes: 263 units sold, up 36.3% year-over-year.

Laurie Lidstone, 2024 Victoria Real Estate Board Chair, observed: "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 feel more empowered to make decisions around home ownership, knowing they have a stable real estate environment to navigate."

Inventory and Market Conditions

At the end of November 2024, there were 2,836 active listings, a 10.3% decrease from October but a 7.3% increase from November 2023.

Lidstone added: "Though inventory dipped below three thousand listings, availability is far better than in recent years. As the holidays approach, seasonal factors are evident, but the momentum from November could carry into December. If you’re considering a new home for the holidays, connect with your local REALTOR® to plan your next move."

Pricing Trends

Single-Family Homes:
The MLS® HPI benchmark value for a single-family home in the Victoria Core in November 2024 was $1,302,900, reflecting a 1% increase from November 2023, when the benchmark was $1,290,100. This marks a slight gain from October 2024’s benchmark of $1,300,200.

Year-Over-Year Context: This modest increase suggests a more stable pricing environment for single-family homes after a period of fluctuation in 2023.
Monthly Trends: November’s small upward tick is consistent with a balanced market, showing demand remains steady even as sales volume slows seasonally.

Condominiums:
The benchmark value for a condominium in the Victoria Core was $544,400 in November 2024, a 4.7% decrease from November 2023’s value of $571,300 and down from $547,800 in October 2024.

Year-Over-Year Context: The decline in condominium values reflects ongoing affordability adjustments in this sector as buyers prioritize cost-effective options.
Monthly Trends: The slight drop from October indicates the season’s impact on demand, as buyers potentially pause their searches amid holiday planning.

Broader Insights:
While the single-family home market has seen modest price growth, the condominium market continues to adjust, providing opportunities for buyers seeking affordability. Both markets, however, benefit from the stable inventory levels, making it easier for buyers to find homes within their budgets.

Looking Ahead to the Winter Market

The steady sales activity and balanced inventory create a favorable environment for both buyers and sellers. With interest rates trending downward and stable pricing, December may offer continued opportunities for those in the market.

For tailored insights and assistance, connect with your local REALTOR® to navigate Victoria’s real estate market confidently.

For more detailed statistics and market updates, visit the Victoria Real Estate Board.