Real Estate Tips, Tools, & Strategies To Help You Succeed

A little bit about me

Always professional but I don't take myself too seriously. I enjoy the process of helping my clients find their dream home, investment property or anything in between!

Licensed REALTOR® in Victoria, BC with Pemberton Holmes + Mavrikos Collective

Browse by Category

Let's Connect!

Market Updates

Victoria, BC Real Estate Market: May 2024

June 3, 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, 763 residential properties were sold in the Victoria Real Estate Board region during May 2024. This is 1.5% fewer than the 775 properties sold in May 2023 (last year) and a 12.5% increase from April 2024 (the previous month).

Sales of condominiums were down 5.2% from May 2023, with 235 units sold. In addition, sales of single-family homes increased slightly from May 2023, with 399 homes sold.

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

As a result, the market is more balanced for buyers and sellers. This means sellers can feel more comfortable listing their homes, knowing they will have plenty of options when they become buyers themselves.

Although the number of days on market has increased, demand for homes in Victoria remains strong. Homes on the market that are priced correctly and in good condition will still receive lots of interest and will likely sell close to or around their list price.

At the end of May 2024, there were 3,338 active listings, an increase of 10.6% compared to the previous month of April and a 52.5% increase from the 2,189 active listings for sale at the end of May 2023. 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 3000s!

May 2024:
Net unconditional sales: 763
New listings: 1,757
Active listings: 3,338

May 2023:
Net unconditional sales: 775
New listings: 1,356
Active listings: 2,189

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 

  • May 2024 median selling price: $1,191,000
  • April 2024 median selling price: $1,180,000
  • May 2023 median selling price: $1,174,950
  • 1.4% increase in median selling price compared to last year (May 2023)
  • 0.9% increase in median selling price compared to the previous month (April 2024)

 

Condo Apartment

  • May 2024 median selling price: $547,450
  • May 2023 median selling price: $560,000
  • April 2024 median selling price: $543,500
  • 2.2% decrease in median selling price compared to last year (May 2023)
  • 0.7% increase in median selling price compared to the previous month (April 2024)

 

Row/Townhome

  • May 2024 median selling price: $789,574
  • May 2023 median selling price: $785,000
  • April 2024 median selling price: $770,000
  • 0.6% increase in median selling price compared to last year (May 2023)
  • 2.5% increase in median selling price compared to the previous month (April 2024)

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

Single Family Homes Greater Victoria 

  • May 2024 average selling price: $1,336,470
  • May 2023 average selling price: $1,304,225
  • April 2024 average selling price: $1,291,529
  • 2.5% increase in average selling price compared to last year (May 2023)
  • 3.5% increase in average selling price compared to the previous month (March 2024)

 

Condo Apartment

  • May 2024 average selling price: $613,936
  • May 2023 average selling price: $674,732
  • April 2024 average selling price: $605,816
  • 9% decrease in average selling price compared to last year (May 2023)
  • 1.3% increase in average selling price compared to the previous month (April 2024)

Row/Townhome

  • May 2024 average selling price: $836,439
  • May 2023 average selling price: $853,470
  • April 2024 average selling price: $828,896
  • 2% decrease in average selling price compared to last year (May 2023)
  • 0.9% increase in average selling price compared to the previous month (April 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 May 2024, indicating no increase or decrease compared to April 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!

  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

Leave a Reply

Your email address will not be published. Required fields are marked *

Seller's Checklist 

Buyer's Checklist 

Property Comparison

Instantly Get all 3 Free templates when you sign up!

ABOUT US

Farm-to-table jianbing kickstarter, mixtape taxidermy actually scenester. Asymmetrical tattooed locavore meggings YOLO organic pabst forage.

More About Us

market updates


sellers

buyers

Browse by Category

neighbourhoods

I'd love to hear from you! 

Questions? Let's Connect. 

Please fill out the form below or if you'd prefer you can send an email to ria@mavrikoscollective.com

Thank You!

I appreciate you taking the time to reach out. I'll be in touch shortly! 

Design by TONIC     ©Ria Mavrikos   
back to top

*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.  

Privacy Policy  

*Stock images from Social Squares

 General Disclaimer

THIS WEBSITE IS A PARTICIPANT IN THE AMAZON SERVICES LLC ASSOCIATES PROGRAM, AN AFFILIATE ADVERTISING PROGRAM DESIGNED TO PROVIDE A MEANS FOR SITES TO EARN ADVERTISING FEES BY ADVERTISING AND LINKING TO AMAZON.CA.

Google Web Stories

      (250) 589-8129   

ria@mavrikoscollective.com