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Real estate sales up from last year's 'very low numbers'

341 properties sold in January, up more than 22 per cent over the 278 sold during the same month last year
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Monthly real estate sales statistics for January 2024

The Greater Victoria real estate market started the new year with sales numbers that were up from last year’s “very low numbers,” prompting predictions of a market with more balance and stability.

Last month saw 341 properties change hands through the board’s multiple listing service, up 22.7 per cent from the 278 sold in January 2023.

Sales increased by 3.6 per cent from December. Both single-family homes and condominiums saw overall sales numbers rise.

Inventory rose to 2,140 listings by the end of January. That’s up by 23 per cent from January 2023, and an increase of 0.4 per cent from December.

“Our housing market eased into the new year with a renewed sense of balance,” Victoria Real Estate board chair Laurie Lidstone said Thursday.

“Sales were up slightly based off last year’s very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024.”

Mortgage rates have levelled off and the number of properties for sale is slowly climbing back up, Lidstone noted.

“We are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and ­sellers.”

A balanced and stable market is fuelling an optimistic outlook in future months, Lidstone said.

When there’s a balanced market, buyers and sellers each have more time to make decisions and there is less pressure on prices, she said.

“Of course, there are many factors that impact the market here in Victoria and, as we’ve seen in the past, things can change very rapidly,” Lidstone said.

The benchmark value for a single-family home in the core was $1.244 million last month, up from $1.224 million in January 2023.

The benchmark value for a condo in the core was $559,000 in January, down from $562,200 in January 2023.

January’s total value of all properties sold through the board was $299.9 million.

cjwilson@timescolonist.com

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