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!

 

The Market Overall 

In total, 678 residential properties were sold in the Victoria Real Estate Board region during April 2024. This is 6.4% more than the 637 properties sold in April 2023 (last year) and a 15.3% increase from March 2024 (the previous month).

Sales of condominiums were up 1.5% from April 2023, with 208 units sold.

 

In addition, sales of single-family homes increased by 3.7% from April 2023, with 337 homes sold.

The good news for buyers is that many more listings have come on the market! The increase in inventory allows buyers to have more choices when making their purchasing decisions and looking for homes. The result is a more balanced market for home buyers and sellers.

While days on the market are increasing, there is still strong demand for homes in Victoria. If a home is priced right, buyers are willing and able to purchase homes quickly and close to the listing price.

There were 3,017 active listings for sale at the end of April 2024, an increase of 14% compared to March 2024 and a 47.7% increase from the 2,043 active listings for sale at the end of April 2023. This is the first time since the summer of 2019 that we have seen active listings in the 3000s!

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 

• April 2024 median selling price: $1,180,000
• April 2023 median selling price: $1,195,000
• March 2024 median selling price: $1,144,698
• 1.3% decrease in median selling price compared to last year (April 2023)
• 3.1% increase in median selling price compared to the previous month (March 2024)

 

Condo Apartment

• April 2024 median selling price: $543,500
• April 2023 median selling price: $540,000
• March 2024 median selling price: $555,000
• 0.6% increase in median selling price compared to last year (April 2023)
• 2.1% decrease in median selling price compared to the previous month (March 2024)

 

Row/Townhome

• April 2024 median selling price: $770,000
• April 2023 median selling price: $739,540
• March 2024 median selling price: $790,000
• 4.1% increase in median selling price compared to last year (April 2023)
• 2.5% decrease in median selling price compared to the previous month (March 2024)

 

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

Single Family Homes Greater Victoria 

• April 2024 average selling price: $1,291,529
• April 2023 average selling price: $1,291,399
• March 2024 average selling price: $1,304,353
• 0% change in average selling price compared to last year (April 2023)
• 1.0% decrease in average selling price compared to the previous month (March 2024)

 

Condo Apartment

• April 2024 average selling price: $605,816
• April 2023 average selling price: $620,606
• March 2024 average selling price: $628,092
• 2.4% decrease in average selling price compared to last year (April 2023)
• 3.5% decrease in average selling price compared to the previous month (March 2024)

Row/Townhome

• April 2024 average selling price: $828,896
• April 2023 average selling price: $786,010
• March 2024 average selling price: $822,049
• 5.5% increase in average selling price compared to last year (April 2023)
• 0.8% increase in average selling price compared to the previous month (March 2024)

 

 

Sales to Active Listings Ratio 

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.

 

The sales to active listings ratio stayed around 29% in April 2024, indicating no increase or decrease compared to March 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!

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