Welcome back to my market updates post! I will continue to update this Victoria, British Columbia, real estate market page at the beginning of each month.
This post’s data, housing prices, statistics, and property information are from the Vancouver Island Real Estate Board Region. Alright, let’s get to it!
In total, 588 residential properties were sold in the Victoria Real Estate Board region during March 2024. This is 0.3% less than the 590 properties sold in March 2023 (last year) and a 25.1% increase from February 2024 (the previous month).
Sales of condominiums were down 10.2% from March 2023, with 286 units sold.
In addition, sales of single-family homes increased by 1.8% from March 2023, with 286 homes sold.
The good news is we are starting to see more listings come on the market! Signalling that the spring market is fast approaching with over 500 new listings on the market compared to last year.
The increase in supply is refreshing for buyers, as they have more time to look at properties and make their purchasing decisions. Although inventory is increasing, home prices have remained stable. There is strong demand for homes in Victoria, and if a home is priced right, there will be buyers willing and able to purchase the home.
There were 2,647 active listings for sale at the end of March 2024, which is an increase of 12% compared to February 2024 and a 34.4% increase from the 1,970 active listings for sale at the end of March 2023.
Below are the statistics released at month end from the Victoria Real Estate Board (VREB)
The total residential sales over the total active residential listings ratio measures supply and demand and is expressed as a percentage. This measurement is the percentage of available listings that have sold in a specific month.
The sales to active listings ratio can provide buyers, sellers, and their real estate agents an understanding of whether we are in a buyers’ market, sellers’ market, or a balanced market.
When the percentage of sales to active listings is in the 15-20% range, there is little pressure on home prices either way, and it is typically considered a balanced market.
However, when the sales-to-active listings percentage falls below 10%, prices are pushed downward, which is considered a buyers’ market.
Alternatively, when the sales to active listings percentage increases above 25%, there is upward pressure on prices, which is considered a sellers’ market.
For March 2024, the sales to active listings ratio increased slightly to 29%, indicating a 2% increase compared to February 2024.
The Victoria, BC, real estate market is dynamic, and many factors can influence market conditions. If you have any questions about the Victoria real estate market or if you’d like to know what your home is worth in today’s market, I can prepare a free, comparative market analysis for you. Easily send me a message on my contact page or email ria@mavrikoscollective.com. I look forward to hearing from you!
*Disclaimer: The topics of discussion, content and resources on this website are general information that may not be the right solution or advice for you specifically. Not intended to solicit buyers or sellers currently under contract with a brokerage.
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ria@mavrikoscollective.com
This July update for Victoria’s real estate market was helpful for me because I invested in a property in that real estate market. Without the details shared here, I wouldn’t have been able to do it.
This blog really helped me understand the madness out there. Thank you for breaking it down so clearly and putting it into terms that anyone can digest.
Hope to be working with you in the future!
Diana