Market Update December 2024

Monthly Market Update December 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 December 2024 November Market Update There seems to have been a recent change in buyers' and sellers' attitudes, the increase in available properties for sale as well as the decline in the interest rates has boosted consumer confidence and has resulted in a more balanced marketplace.

The Victoria real estate market saw an active start this November, with sales figures showcasing a notable surge compared to the same time last year. A total of 551 properties were sold in the Victoria Real Estate Board (VREB) region this November, marking a 39.8% increase from the 394 properties sold in November 2023. However, this reflects a seasonal 15.7% decline from October 2024.

The condominium market was especially strong, with 186 units sold, representing a 55% jump compared to November 2023. Single-family homes also saw significant growth, with 263 homes sold, an increase of 36.3% yearover-year.

Inventory Trends At the end of November, the region recorded 2,836 active listings on the VREB Multiple Listing Service® (MLS®), a 10.3% decrease from October but still a 7.3% increase compared to the 2,644 active listings available in November 2023.

"While inventory dipped below 3,000 listings, the current supply remains far better than in recent years," Lidstone added. "As we approach the holidays, seasonality plays a role, with many buyers pausing their search. However, the momentum seen in November may continue through December for some eager house hunters. If a new home is part of your holiday plans, now is the time to connect with your REALTOR®."

2481 Beacon Avenue, Sidney BC V8L 1X9 1-877-656-0911 | reachus@holmesrealty.com When you buy with Holmes Realty a portion of the commission goes in support of local charities. Over $250,000 raised!

Home Price Insights The MLS® Home Price Index (HPI) benchmark value for a single-family home in the Victoria Core rose modestly by 1% year-over-year, increasing from $1,290,100 in November 2023 to $1,302,900 in November 2024. In comparison, prices for condominiums in the Victoria Core showed a slight decline. The benchmark value fell 4.7% year-over-year, from $571,300 in November 2023 to $544,400 in November 2024.

Just a reminder that on December 12th we are having a gathering at the Deep Cove Winery from 2 to 4 and would love you to come and join us for some holiday cheer. Please RSVP to reception@holmesrealty.com Wishing you and your family a very happy Holiday Season.

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