Monthly Market Update
April 2024 Edition
A look at the most recent real estate statistics proudly presented by
Stay up-to-date with home sales and the latest statistics in the Victoria area market .
Monthly Market Update
April 2024
Our first quarter has been rather quiet and we are transitioning into the active spring market.
Many of our realtors are noticing that more buyers are coming into the market there is an uptick in the number of showings and participants at open houses but this has not necessarily translated into sales numbers as of yet. This may change as we move into what is historically the busiest market of the year.
The increases in inventory we’ve seen in recent months really help to improve the health of our market.
We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home. As people buy and move, more properties are added to the available inventory, which supports a much healthier market. Supply really is key, and looking to the future we need to ensure that focus continues on the creation of new homes of all types and price points. This last month we have seen an increase in the number of people wanting to put their homes onto the market.
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There were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2023 was $1,258,300.
The benchmark value for the same home in March 2024 increased by 1.7 per cent to $1,279,300, up from February’s value of $1,247,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2023 was $549,000 while the benchmark value for the same condominium in March 2024 increased by 3.3 per cent to $567,300, up from the February value of $557,000.
Our absorption rate for Greater Victoria shrunk from a 5.6 months of supply in February to a 5.1 months of supply in March. To put that into perspective, if the absorption rate is under 5 it is considered a seller’s market and if the absorption rate is over 6 it is considered a buyer’s market.
The absorption rates are quite different depending on the type of property (single-family or condo for example) and the area. If you are curious to know what your absorption rate is in your area for your type of property please don’t hesitate to call; we would love to hear from you.
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Contact one of our experienced agents today! www.holmesrealty.com
