With autumn setting in, October 2024 has brought interesting month end statistics for the Victoria Real Estate Market. This month’s data shows a balanced market with a notable boost in sales compared to last year, shedding light on how the region is adjusting to shifting economic factors and evolving buyer needs. Here’s a closer look at what’s happening across property types, inventory levels, and pricing as we wrap up the fall season.
Sales Activity at a Glance: A Surge Compared to Last Year
October 2024 saw a substantial increase in property transactions, with 654 units sold in the Victoria Real Estate Board (VREB) region. This represents a 60.7% rise over October 2023, which saw 407 sales. On a month-over-month basis, sales are also up by 14.5% from September. These increases signal renewed interest in the market, possibly driven by a combination of interest rate adjustments, steadying prices, and seasonal momentum.
Spotlight on Property Types: Who’s Moving and What’s Moving
The October data highlights some interesting shifts in property type demand:
Single-Family Homes: Sales of single-family homes surged by 76.2% over last year, with 340 homes sold this October. This significant rise points to a growing interest in detached living, especially for families or buyers looking for more personal space in a stable market.
Condominiums: Condo sales saw a solid uptick as well, increasing by 32.6% year-over-year with 187 units sold. Condos continue to be a strong choice for buyers who want a home in the heart of Victoria without stretching their budgets. The benchmark price for condos in the Victoria Core has actually decreased by 5.4% since last year (from $578,800 to $547,800), which may be making this option even more appealing to those seeking affordability in an urban setting.
Townhouses: Townhouses had a stellar performance, with a 73.8% increase in sales compared to last October. Townhomes remain attractive for buyers seeking more space than a condo typically offers but without the full maintenance load of a single-family home. This housing option continues to meet the needs of a diverse range of buyers, from young professionals to families.
Inventory and Market Balance: Stability Amid Change
Inventory levels have shown encouraging stability. October ended with 3,161 active listings—a 6% decrease from September but a 14.7% increase from the same month last year. The consistency in active listings supports what many consider a balanced market, where both buyers and sellers are on relatively equal footing. Chair-Elect Dirk VanderWal of the VREB highlights that, while sales have increased, this doesn’t indicate a “hot market.” Rather, it reflects a return to more average levels, allowing buyers and sellers to approach negotiations thoughtfully, with fewer bidding wars and a slower pace compared to peak market times. This balance provides a steady environment for everyone involved to make decisions with more time and less pressure.
Price Trends: Mixed Signals for Different Properties
Price trends in the region show varied movements across property types, giving some insight into where values are headed:
Single-Family Homes: The benchmark price for single-family homes in the Victoria Core dipped by 0.8% year-over-year, moving from $1,310,100 in October 2023 to $1,300,200 in October 2024. This slight adjustment, paired with the 1.6% rise from September, suggests that while prices have stabilized, demand remains steady enough to support slight growth.
Condominiums: Condos have seen a decrease in the benchmark price, down 5.4% from October last year in the core area. This reduction may provide a window of opportunity for those looking to enter the market at a lower price point, especially for those attracted to the convenience of condo living in central locations.
Townhouses: Townhouses held a solid average price of $854,600 in October 2024, showing resilience with modest appreciation. The townhouse market’s steady value growth speaks to its popularity among those seeking a practical middle ground between condos and single-family homes.
The Sales-to-Active Listings Ratio: What It Means
The sales-to-active listings ratio offers additional insight into current market conditions. In October, this ratio hovered in a range that indicates a balanced market. A ratio below 14% generally points to a buyer’s market, while a figure above 20% suggests a seller’s market. The balanced ratio this month reflects a market in which neither buyers nor sellers have a significant advantage, providing room for thoughtful, steady transactions without drastic price shifts.
Winter Outlook: What’s Next?
With winter approaching, activity in Victoria’s real estate market typically begins to slow. However, with recent rate adjustments and steady demand, there may be room for continued interest from buyers and sellers looking to take advantage of these conditions before the year ends. As Chair-Elect VanderWal pointed out, the market is in a comfortable place where negotiations can happen without the urgency of a high-demand environment, meaning that both buyers and sellers have a bit more breathing room.
Key Takeaways for Those Considering a Move
For Buyers: The current balanced market provides time and space for decision-making, with opportunities to explore options and weigh choices without feeling pressured. The range of price points across property types makes it possible to find homes that suit both lifestyle and budget.
For Sellers: With year-over-year sales increases and stable pricing, sellers can approach the market with confidence. A well-priced home with appealing features is likely to attract interest, even in a balanced environment.
Final Reflections
October 2024 marks a period of stability and growth in Victoria’s real estate market. Staying connected to market trends is essential for making informed decisions. This market update offers a snapshot of what’s happening now and what to consider as we move forward.
Whether you’re keeping an eye on the market or considering your next steps, we’re here to be your trust REALTORS® in the Greater Victoria Real Estate Market. Connect with us at woolleyrealestategroup@gmail.com
