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, 661 residential properties sold in the Victoria Real Estate Board region in June 2024. This is 6.2% fewer than the 705 properties sold in June 2023 (last year) and a 13.4% decrease from May 2024 (the previous month).

Sales of condominiums were down 16.5% from June 2023, with 202 units sold. In addition, sales of single-family homes increased by 6.2% from June 2023, with 342 homes sold.

The good news for buyers is that more listings are on the market! This increase in inventory provides buyers with more options when searching for a home since it allows them more time to complete their due diligence and ensure that the home they choose is the right fit for them or their family.

Due to the increase in active listings, the Victoria real estate market has become more balanced for buyers and sellers. This also means that sellers can feel more comfortable listing their homes, knowing they will have plenty of options when they, in turn, become buyers themselves.

Although the number of days on the market for listings has trended upward, demand for homes in Victoria remains strong. Homes priced at market value and in good condition still receive a lot of interest and will likely sell close to, or around, their list price.

At the end of June 2024, there were 3,460 active listings, an increase of 3.7% compared to the previous month of May and a 47.7% increase from the 2,342 active listings for sale at the end of June 2023. Why is it important to look at active listings? It’s because inventory is how we measure supply in the housing market, so it’s a valuable statistic to look at. This is the first time since the summer of 2019 that we have seen the number of active listings in the 3,000s!

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 

• June 2024 median selling price: $1,176,500
• June 2023 median selling price: $1,185,000
• May 2024 median selling price: $1,191,000
• 0.7% decrease in median selling price compared to last year (June 2023)
• 1.2% decrease in median selling price compared to the previous month (May 2024)

 

Condo Apartment

• June 2024 median selling price: $549,950
• June 2023 median selling price: $560,500
• May 2024 median selling price: $547,450
• 1.9% decrease in median selling price compared to last year (June 2023)
• 0.5% increase in median selling price compared to the previous month (May 2024)

 

Row/Townhome

• June 2024 median selling price: $770,000
• June 2023 median selling price: $804,198
• May 2024 median selling price: $789,574
• 4.3% decrease in median selling price compared to last year (June 2023)
• 2.5% decrease in median selling price compared to the previous month (May 2024)

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

Single Family Homes Greater Victoria 

• June 2024 average selling price: $1,271,792
• June 2023 average selling price: $1,274,512
• May 2024 average selling price: $1,336,470
• 0.7% decrease in average selling price compared to last year (June 2023)
• 1.2% decrease in average selling price compared to the previous month (May 2024)

 

Condo Apartment

• June 2024 average selling price: $586,978
• June 2023 average selling price: $668,110
• May 2024 average selling price: $613,936
• 0.5% increase in average selling price compared to last year (June 2023)
• 1.9% decrease in average selling price compared to the previous month (May 2024)

Row/Townhome

• June 2024 average selling price: $793,271
• June 2023 average selling price: $836,207
• May 2024 average selling price: $836,439
• 4.3% decrease in average selling price compared to last year (June 2023)
• 2.5% decrease in average selling price compared to the previous month (May 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 sold in a specific month.

 

The sales to active listings ratio can help buyers, sellers, and their real estate agents understand whether we are in a buyers’ market, a 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 24% in June 2024, indicating about a 5% decrease compared to May 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. You can easily message me on my contact page or ria@mavrikoscollective.com. I look forward to hearing from you!

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