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Market Updates

Victoria, BC Real Estate Market: January 2024

February 1, 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, 341 residential properties were sold in the Victoria Real Estate Board region during January 2024. The number of property sales is 22.7% more than the 278 properties sold in January 2023 (last year) and a 3.6% increase from December 2023 (the previous month).

 

Sales of condominiums were up 10.9% from January 2023, with 112 units sold.

 

In addition, sales of single-family homes increased by 35% from January 2023, with 162 homes sold.

While we are seeing more supply come on the market, and supply is expected to rise in February as more sellers are preparing to list their homes for the spring market, long-term supply is still necessary to reduce how quickly home prices rise once interest rates come down. There were 2,140 active listings for sale at the end of January 2024, which is an increase of 0.4% compared to December 2023 and a 23.1% increase from the 1,739 active listings for sale at the end of January 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 

  • January 2024 median selling price: $1,047,450
  • January 2023 median selling price: $1,065,000
  • December 2023 median selling price: $1,072,500
  • 1.6% decrease in median selling price compared to last year (January 2023)
  • 2.3% decrease in median selling price compared to the previous month (December 2023)

 

Condo Apartment

  • January 2024 median selling price: $540,500
  • January 2023 median selling price: $530,000
  • December 2023 median selling price: $525,000
  • 2.0% increase in median selling price compared to last year (January 2023)
  • 3.0% increase in median selling price compared to the previous month (December 2023)

 

Row/Townhome

  • January 2024 median selling price: $700,000
  • January 2023 median selling price: $712,500
  • December 2023 median selling price: $620,000
  • 12.9% increase in median selling price compared to last year (January 2023)
  • 1.8% decrease in median selling price compared to the previous month (December 2023)

 

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

Single Family Homes Greater Victoria 

  • January 2024 average selling price: $1,219,501
  • December 2023 average selling price: $1,285,161
  • January 2023 average selling price: $1,226,580
  • 0.6% decrease in average selling price compared to last year (January 2023)
  • 5.1% decrease in average selling price compared to the previous month (December 2023)

 

Condo Apartment

  • January 2024 average selling price: $579,983
  • December 2023 average selling price: $556,293
  • January 2023 average selling price: $606,681
  • 4.4% decrease in average selling price compared to last year (January 2023)
  • 4.3% increase in average selling price compared to the previous month (December 2023)

 

Row/Townhome

  • January 2024 average selling price: $712,445
  • December 2023 average selling price: $734,172
  • January 2023 average selling price: $662,338
  • 7.6% increase in average selling price compared to last year (January 2023)
  • 3.0% decrease in average selling price compared to the previous month (December 2023)

 

 

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 January 2024, the sales to active listings ratio stayed the same at 20%, indicating the same percentage as December 2023.

 

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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