The Victoria real estate market is currently characterized by optimism among buyers and sellers. Recent trends, including a steady decrease in interest rates and a balanced market, have contributed to greater confidence among consumers. This stability is creating an environment where individuals feel more prepared to make significant decisions regarding homeownership. As the momentum from November carries forward, it’s expected that these positive trends may continue into December. There are still deals to be had for buyers this holiday season.
A total of 551 properties sold in the Victoria Real Estate Board region this November, 39.8 per cent more than the 394 properties sold in November 2023 and a 15.7 per cent decrease from October 2024. Sales of condominiums were up 55 per cent from November 2023 with 186 units sold. Sales of single family homes increased by 36.3 per cent from November 2023 with 263 sold.
Victoria Real Estate Stats for Condos and Apartments in November 2024
The total number of condos and apartments in Victoria has surged 55% since November of last year. On average, these condos and apartments took 12 days longer to sell, but the selling price inched up 2%.
Victoria Real Estate Stats for Single Family Homes in November 2024
Following a similar trend as condos and apartment, 45% more single family homes were sold in Victoria compared to November of last year. Those single family homes sold 8 days slower on average, and the average price surpassed $1.2 million, which is up 2%.
Victoria Real Estate Stats for Townhomes and Duplexes in November 2024
A total of 75 townhomes and duplexes sold in Victoria, which is 53% more than November of last year. On average, those townhomes and duplexes took an extra 9 days to sell, and the average selling price dropped 3%. With an 89% sell to list ratio, signs are pointing towards a seller’s market.