Monthly Market Update
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 .
March 2024 Edition
Monthly Market Update
March 2024
February showed signs of the start to our spring market. More than five hundred new listings came to market compared to last year’s inventory numbers which is approximately an increase of 10.5 percent from January 2024.
This increase is 30.7 percent higher than February 2023.
This much needed inventory gives buyers more selection and more time to make their purchasing decisions. In addition, we saw a slight increase in the number of sales. Townhouse sales increased last month. Pressure on this type of housing will increase as single family homes become less affordable and will no doubt reflect an increase in townhouse values .
When you buy with Holmes Realty a portion of the commission goes in support of local charities. Over $250,000 raised! 2481 Beacon Avenue, Sidney BC V8L 1X9 1-877-656-0911 | reachus@holmesrealty.com
If you are thinking of selling in the Spring, now is the perfect time; before the inventory levels start to swell resulting in more competition for you.
If buying a home, now is the perfect time to contact us to get your started with receiving the new listings that are coming onto the market.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2023 was $1,251,000. The benchmark value for the same home in February 2024 decreased by 0.3 per cent to $1,247,400, up from January’s value of $1,244,000.
The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2023 was $549,300 while the benchmark value for the same condominium in February 2024 increased by 1.4 per cent to $557,000, down from the January value of $559,000
Want to learn more? Contact one of our experienced agents today! www.holmesrealty.com