Monthly Market Update
Monthly Market Update
September 2024
The Victoria real estate market in August 2024 saw a typical seasonal slowdown, with sales continuing to decline for the fourth consecutive month. A total of 545 properties were sold, marking a 0.2% year-over-year increase but a 16.5% drop from July's figures. Single-family homes, a significant portion of the market, saw a 7.7% drop in sales, with 252 homes sold. In contrast, condominium sales grew by 10.4% year-overyear, with 181 units sold.
In terms of pricing, single-family home values in the Victoria Core dropped by 3% compared to August 2023, settling at $1,287,400. Condos saw a smaller decrease of 2.9%, with an average price of $559,200.
Townhomes also experienced slight declines in both median and average prices, though sales volume remained steady.
The market's slowdown also reflected in the supply of active listings, which fell by 4.7% from July but increased by 28.2% compared to August 2023.
This rise in available properties contributed to an absorption rate increase from 5 months to 5.4 months, signaling a shift toward a buyer’s market. With more listings expected in September, sellers may need to price their homes competitively to attract buyers.
Although total sales were 23% below the 10-year August average, the market remains active, with both buyers and sellers having opportunities as fall approaches. For those considering entering the market, it’s essential to work with an experienced Real Estate team to develop a strategy tailored to the shifting conditions.
Want to learn more? Contact one of our experienced agents today!
