victoria real estate board CONDO - FEBRUARY 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.2% VS 2023
▲ 40% VS 2023
▼ 4% VS 2023
▼ 6% VS 2023
There were 579 condo listings in the Victoria Real Estate Board in February, 8% above January and 40% higher than February 2023. February condo sales increased by 32% month-over-month, to 154, and were 6% below February 2023. The months of inventory for condos in the Victoria Real Estate Board, at 3.8, reflected a sellers' market. The condo median price in February was $530,000, a 3% decrease from January and 4% below February 2023. The average sold price was $585,370, 1.8% below last month; the average PSF sale price was $659, down 0.1% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 164 413
% Change
No. 117 537
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
154 579
1.7% 0.2% -4% 49% -6% 40%
-0.1% -1.8% -3% -18% 32% 8%
$659 $585,370 $530,000 3.8
$648 $584,120 $549,500 252%
$660 $596,331 $545,000 4.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
610
681
660
579
494
476
470
536
537
504
484
475
413
28
254
245
200
156
23
164
207
125
154
191
167
140
117
104
$570K
$560K
$555K
$555K
$559K
$550K
$550K
$545K
$543K
$545K
$525K
$530K
$520K
Feb-23
Jan-24
Feb-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
250
23.0
4+ bdrms
200
150
2
3 bdrms
25
100
101
6.4
6.0
2 bdrms
5.4
50
4.7
333
4.0
3.2
1.6
0
51
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 77 244 3.2 35 163 4.7 10 64 6.4 5 27 5.4 3 18 6.0 1 23 23.0 1 4 4.0 22 36 1.6
<2 bdrms
221
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of March 7, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●
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