2024 real-estate sales between January and November have already surpassed 2023’s 12-month total as lower interest rates drive value in Victoria's price-plateaued market, according to the latest Multiple Listings Service purchase data from the Victoria Real Estate Board.

 

So far in 2024, 6,472 properties have changed hands in 11 months, outpacing 6,207 between January and December of last year. Of the 6,472 sales in 2024, 298 were commercial deals, and 6,174 were residential. In 2023, 285 commercial properties sold over the entire year, while 5,922 were residential.

 

November's total sales reached 551 units, compared to 394 last year, a difference of 40%.

 

In November, 262 single-family homes sold via MLS at an average of $1,221,515 with a median of $1,135,000. One year ago, the average price was $1,217,853 with a median at $1,086,500, across 193 sales. So far in 2024, the average price for the year is $1,268,606 and the median has averaged $1,149,900.

 

Victoria realtor Ryan Cook (see website) with local brokerage Remax Camosun, says buyers continue to be motivated by price, given the interest rate environment and the overall cost of living impacting spending allowance on residential purchases.

 

“The housing market in Victoria’s core is highly responsive to single-family homes priced in the range of $1 million to $1.1 million, preferably with a suite. Listings in that range with a mortgage-helper are exceptionally attractive, and to a wide spectrum of buyers,” Cook says, adding that “a home price of around $1.1 million that includes a suite can shift a buyer’s focus from a townhome purchase to the single-family market, giving sellers at the entry level of the single-family market an advantage."

 

Condominiums had a banner month in November, posting the highest average in six months, at $613,458, and the highest median since June at $543,750, across 186 sales. Last November, there were 120 sales averaging $600,921 and a median of $522,500. So far in 2024, the cumulative average for condominiums is $600,341 and the median has averaged $540,000.

 

“Condominiums as a market segment are faced with several challenges, namely in the downtown Victoria area that is still working to shake a negative buyer sentiment due to social issues in the city centre, and older condominiums across the region are facing higher strata fees that may pose a challenge to price-sensitive buyers,” Cook said.

 

The townhome segment posted an average sale price of $832,501 and a $760,000 median, over 75 transactions. Last November there were 49 sales averaging $855,020 and a median of $847,000. Between January and November of this year, sales have averaged $821,803, at an average median of $772,000.

 

New listings have waned compared to the same period in 2023, totalling 803 units compared to 885. Total listings active listings were higher this November compared to last November, at 2,836 units compared to 2,644 units, respectively.

 

Although December is a relatively slow month for sales, Cook says buyers should keep an eye out for opportunities that may only be available at the end of the year.

 

“Interest rates are at their lowest point in some time, and they could see a further drop at the next rate announcement on December 11th. I advise my clients that if they are ready to commit to a purchase, and if they see a listing that piques their interest, they may have an end-of-year advantage and are encouraged to put forward an offer that in a busy spring market could be out of line with seller expectations,” Cook says.

 

“However, when you’re up against the end of the year, and with some sellers needing to sell, a strong offer that may seem like an unlikely proposal at any other time of the year, could represent good value to the buyer and be an early Christmas gift to a seller. You just never know.” C

 

© Copyright 2024 by Citified.ca. All rights reserved.