Hello and Happy Spring! The start of April signals the 2nd quarter of the year and the gateway into the Spring Market! We are seeing an increase in inventory which we hope will froth things up, creating a stronger market as buyers and sellers enter from the sidelines.
From our VREB monthly statistics summary there were 2,647 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2024, an increase of 12 per cent compared to the previous month of February and a 34.4 per cent increase from the 1,970 active listings for sale at the end of March 2023.
Our March Victoria BC realty statistics has been separated into the 3 main housing categories, Condos and Apartments, Single Family Homes, and Townhomes and Duplexes.
“The increases in inventory we’ve seen in recent months really help to improve the health of our market,” adds Chair Lidstone. “We have more inventory for consumers to consider when compared with recent years. This additional inventory improves both buyer and seller confidence as it means people have more options and more reassurance that they are going to be able to find their new home.
Victoria Real Estate Stats for Condos and Apartments in March 2024
March statistics for Condos and Apartments in the Victoria region look quite soggy indeed. The stale prices and long listing times, made for a murky month in this market segment.
Even with a drop in the sell to list ratio, March 2024 is still leaning towards a sellers market, both year to year and compared to last month.
Victoria Real Estate Stats for Single Family Homes in March 2024
Fortunately, the statistics for local Victoria single-family homes in March 2024 were much greener, with homes fetching better prices, volume holding steady, and listings selling faster.
The Single Family Home market also heated up in March with less inventory and a better sell to list ratio than we saw in February.
Victoria Real Estate Stats for Townhomes and Duplexes in March 2024
When focused on Townhomes and Duplexes, March was a busy month. We were already on a rise for units sold last month and that trend is still going even if it is flattening out. Both year to year and month to month growth continues to be impressive for our local Townhouse and Duplex market.
I connected with a local mortgage specialist, Bobby Smart, of The Mortgage Designers Co Owned with Kelly Curtis and he added, “As we navigate the ever-evolving landscape of the real estate market, it’s crucial to stay informed about the current conditions driving buyer demand. Over recent months, we’ve witnessed a notable surge in inquiries from individuals eager to secure pre-approval for their home purchases. This could be due to mortgage rates holding steady and inflationary pressures abating, with that being said, we have also noticed a small decrease in fixed rates over the last 6 months.
Among these inquiries, we’ve observed a significant influx of first-time homebuyers embarking on the journey of homeownership. Additionally, we’re seeing a growing trend among retirees who are strategically downsizing to capitalize on the equity in their properties.”
If you have any questions about the real estate market or mortgage needs, please reach out to us!
