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Market Updates

Victoria, BC Real Estate Market: February 2024

March 4, 2024

AUTHOR: RIA MAVRIKOS

Welcome back to my market updates post! I will continue to update this VictoriaBritish 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!

 

The Market Overall 

In total, 470 residential properties were sold in the Victoria Real Estate Board region during February 2024. The number of property sales is 2.2% more than the 460 properties sold in February 2023 (last year) and a 37.8% increase from January 2024 (the previous month).

Sales of condominiums were down 5.6% from February 2023, with 152 units sold.

 

In addition, sales of single-family homes increased by 1.8% from February 2023, with 224 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 this time last year.

The increase in supply is refreshing for buyers as they have more time to look at properties and make their decision. 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 2,363 active listings for sale at the end of February 2024, which is an increase of 10.5% compared to January 2024 and a 30.7% increase from the 1,809 active listings for sale at the end of February 2023.

Below are the statistics released at month end from the Victoria Real Estate Board (VREB)

 

Median Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • February 2024 median selling price: $1,165,000
  • February 2023 median selling price: $1,100,000
  • January 2024 median selling price: $1,047,450
  • 5.9% increase in median selling price compared to last year (February 2023)
  • 11.2% increase in median selling price compared to the previous month (January 2024)

 

Condo Apartment

  • February 2024 median selling price: $535,000
  • February 2023 median selling price: $547,000
  • January 2024 median selling price: $540,500
  • 2.2% decrease in median selling price compared to last year (February 2023)
  • 1.0% decrease in median selling price compared to the previous month (January 2024)

 

Row/Townhome

  • February 2024 median selling price: $799,950
  • February 2023 median selling price: $744,000
  • January 2024 median selling price: $700,000
  • 7.5% increase in median selling price compared to last year (February 2023)
  • 14.3% increase in median selling price compared to the previous month (January 2024)

 

Average Sale Prices For Single Family Homes, Condos, and Townhomes

Single Family Homes Greater Victoria 

  • February 2024 average selling price: $1,262,314
  • February 2023 average selling price: $1,285,306
  • January 2024 average selling price: $1,219,501
  • 1.8% decrease in average selling price compared to last year (February 2023)
  • 3.5% increase in average selling price compared to the previous month (January 2024)

 

Condo Apartment

  • February 2024 average selling price: $596,896
  • February 2023 average selling price: $579,025
  • January 2024 average selling price: $579,983
  • 3.1% increase in average selling price compared to last year (February 2023)
  • 2.9% increase in average selling price compared to the previous month (January 2024)

Row/Townhome

  • February 2024 average selling price: $848,059
  • February 2023 average selling price: $788,113
  • January 2024 average selling price: $712,445
  • 7.6% increase in average selling price compared to last year (February 2023)
  • 19.0% increase in average selling price compared to the previous month (January 2024)

 

 

Sales to Active Listings Ratio 

The total residential sales over the total active residential listings ratio is a measurement of 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%, there is downward pressure on prices, 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 February 2024, the sales to active listings ratio stayed the same at 27%, indicating a 7% increase compared to January 2024.

 

The Victoria, BC, real estate market is very 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!

 

  1. Bridge Dale says:

    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.

  2. Diana Bosnjak says:

    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

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