September 2024 - Victoria MLS Market Update

by Dirk Popen

Market Shows Stability Heading into Fall

September 2024 saw a steady real estate market in Victoria, BC, with 571 properties sold—a 15.8% increase from the 493 sold in September 2023, and a 4.8% rise from August 2024. This signals a more active market as buyers and sellers return from summer breaks.

Sales Breakdown:

Condominiums: Sales jumped 21.9% compared to September 2023, with 189 units sold.
Single-Family Homes: Sales increased by 19.3%, with 272 homes sold.

2024 Victoria Real Estate Board Chair Laurie Lidstone commented on the current market dynamics: “The real estate market in Victoria right now is much more stable and predictable than it has been in recent years. We’ve seen a few solid months of near-balance, offering advantages for both buyers and sellers. With downward trending interest rates, stable pricing, and increased inventory, it’s one of the most comfortable markets for consumers to navigate in years.”

Inventory and Market Conditions

At the end of September 2024, there were 3,361 active listings on the MLS®, marking a 5.3% increase from August and a 24.5% rise from September 2023. This growing inventory provides more choices for buyers, but in-demand homes can still generate competition.

“In a balanced market, there’s less pressure on pricing, and buyers have more time to make decisions,” Lidstone added. “However, homes in desirable locations or price points can still attract multiple offers. Connecting with a local REALTOR® can help you navigate these nuances and build the best strategy.”

Pricing Trends

Single-Family Homes: The MLS® HPI benchmark value for a single-family home in the Victoria Core dropped by 2.8% year-over-year, from $1,316,100 in September 2023 to $1,279,700 in September 2024. This also represents a slight decrease from August’s $1,287,400.
Condominiums: The benchmark value for a condominium in the Victoria Core decreased by 5.1%, from $583,400 in September 2023 to $553,400 in September 2024, down from August’s $559,200.

Looking Ahead to the Fall Market

With the summer slowdown behind us, September signals a more active period in Victoria’s real estate market. Stable prices and a larger inventory make this fall an ideal time for both buyers and sellers. As always, consulting with a local REALTOR® is key to navigating the evolving market conditions.

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