Victoria Real Estate Market Update: February 2024 Highlights

Victoria Real Estate Market Update: February 2024 Highlights

Welcome to our February 2024 market update for the ever-dynamic real estate scene in Victoria, BC. This month, we've seen a significant shift, offering both buyers and sellers new opportunities to explore the market. Thomas Kala and the Pinnacle Homes Group bring you the latest insights to help navigate these changes with confidence.

Active Listings Surge The Victoria real estate board reported an impressive 30.7% increase in active listings, jumping from 1,809 to 2,364. This upswing provides a wider selection for potential homebuyers and signals a healthy market for sellers looking to showcase their properties.

New Property Listings With 1,088 new listings, there's an abundance of choice compared to last year's 811. This uptick means more options and opportunities for buyers and signals an energized market as we head into the spring season.

Median Sales Prices

  • Single Family Homes: The median average price saw a rise to $1,165,000, reflecting a $65,000 increase from the previous year, indicating a strong demand for family homes in Greater Victoria.
  • Condos: The condo market observed a slight decrease to $535,000, down by $12,000, presenting an attractive proposition for first-time buyers and investors.
  • Townhomes: Median prices for townhomes climbed to $799,950, an increase of $55,950 from last year, showcasing their popularity in the current market.

Average Days on Market Properties are moving at a steady pace, with the average days to sell standing at 45. This slight increase of one day from last February suggests a balanced market that benefits both buyers and sellers.

Year Over Year Changes Overall, sales have seen a marginal increase of 2.2% from the previous year. The single-family home prices have appreciated by 5.9%, while condo prices adjusted slightly by -2.2%. Townhomes experienced a robust growth of 7.5%, year over year.

Whether you're looking to invest, buy your first home, or sell your property in Victoria, the current market trends suggest a promising landscape for real estate endeavors. For personalized advice and in-depth market analysis, reach out to Thomas Kala and the Pinnacle Homes Group—your trusted advisors in Victoria's real estate market.

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