Monthly Market Update
Monthly Market Update
July 2024
Greater Victoria registered its first month-over-month sales decline of 2024 in June, with the region recording 661 property sales, marking a 6.2% drop from June 2023 and a 13.4% decrease from May 2024. Despite the sales decline, the pace of new listings remained robust. Market conditions continued to favor sellers, though more balanced conditions are within reach.
Active MLS listings continued to build in June, up 4% month-over-month to 2,792 from 2,678 in May.
This was the highest number of active listings in any month since August 2015 (2,792 listings) and the most for the month of June since 2015 (3,158). Inventory was 31% above the prior 10-year June average (2,133 listings). Condominium inventory was furthest above average at 54% (853 listings), townhomes were 34% higher (262), and detached homes were 22% higher (1,493).
The market remained favorable to sellers in June with 4.5 months of inventory (MOI), up from 3.5 in May. All segments of the market continued to favor sellers, with a detached MOI of 4.6, a condo MOI of 4.5, and a townhome MOI of 3.
.The MLS® HPI benchmark value for a single-family home in the Victoria Core decreased by 1.4% from June 2023 to $1,295,500, down from May's $1,309,700. For condominiums, the benchmark value decreased slightly by 0.1% to $567,900, down from May's $569,500.
"June reflected our usual seasonal trends," said Victoria Real Estate Board Chair Laurie Lidstone. "With increased inventory and fewer sales compared to May, buyers had more options and time, while sellers faced longer timelines to secure buyers. The market varied
across different areas and price points, with some seeing intense competition. Overall, the busy spring market transitioned into a slower summer."
Active listings on the Victoria Real Estate Board MLS® reached 3,460 at the end of June 2024, up 3.7% from May and 47.7% from June 2023. "The stability in sales and prices compared to last year suggests a steady real estate market," added Lidstone.
"This stability benefits both buyers and sellers. As we move into summer, we expect a quieter market as people focus on vacations and outdoor activities, with increased activity likely in the fall. Summer shoppers and sellers will find more choices and less pressure, making it a good time to strategize with a local REALTOR®."
