May 2024 Greater Victoria Housing Stats

Victoria Real Estate Market Update: May 2024

Are you thinking about making a move in the Greater Victoria area and wondering if now is the right time to buy or sell? Let's dive into the May 2024 Victoria real estate market stats to help you make an informed decision.

Sales Overview

In May 2024, a total of 763 properties were sold across the Victoria Real Estate Board. This represents a slight dip of 1.5% compared to May 2023 but a notable 12.5% increase from the previous month. What does this mean for you as a buyer or seller?

Condo Sales: For condo enthusiasts, sales were down 5.2% year over year, with 235 units sold.

Single-Family Homes : Single-family home sales remained steady at 384 units, matching last May's numbers almost exactly.

Townhomes: Townhome sales saw an increase of 8.3% year over year, indicating a strong interest in this type of property despite high interest rates, which are making some buyers settle.

Inventory and Market Dynamics

Spring is typically the peak season for real estate in Victoria, and this year is no exception. At the end of May, there were 3,338 active listings, a significant 52.5% increase from last year. This means buyers have more options than ever before, leading to less pressure on pricing and giving you more time to find your perfect match.

Pricing Trends

Curious about prices? Here's a quick breakdown:

  • Single-Family Homes: The median price increased by 0.9% from last year, now at $1,191,000.
  • Condos: Prices saw a 2.2% decline, reaching $547,450.
  • Townhomes: A slight increase of 2.5%, now at $789,574.

How do these prices compare to what you've seen in your neighborhood?

Market Balance

It's a balanced market right now, with less pressure on prices and a steady pace in sales. The average time to sell a home is 38 days, compared to 34 last year. Homes are selling within 2% of the asking price, up from 1% last year. Understanding these trends can help you make informed decisions whether you're buying or selling.

Looking Ahead

The last week of May saw buyers pump the brakes in anticipation of the next Bank of Canada announcement in June, with talks of potential rate reductions. Stay tuned to see if this market takes off again.

Now is a great time to strategize your next move. Connect with our team to get personalized advice and make the most of the current market conditions. Want to stay updated with the latest insights and tips? Hit the subscribe button on our channel and follow us for regular updates.

Stay curious, stay informed, and let's navigate the Victoria real estate market together. See you next time!

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