victoria CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.0% VS 2023
▲ 74% VS 2023
▼ 1.0% VS 2023
▼ 12% VS 2023
There were 358 condo listings in Victoria in May, 12% above April and 74% higher than May 2023.
May condo sales increased by 55% month-over-month, to 90, and were 12% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 102 206
% Change
No.
% Change
The months of inventory for condos in Victoria, at 4.0, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$703 $657,036 $537,500 4.0 90 358
-5% 1% -1% 97% -12% 74%
$707 $588,300 $527,450 5.5 58 319
55% 12%
The condo median price in May was $537,500, a 1.9% increase from April and 1.0% below May 2023. The average sold price was $657,036, 12% above last month; the average PSF sale price was $703, down 0.6% to last month.
$743 $650,683 $543,000 2.0
-0.6% 12% 1.9% -28%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
358
319
301
260
253
22
273
272
254
205
239
20
206
205
194
100
84
102
72
69
90
49
44
59
58
51
44
34
$558K
$553K
$550K
$543K
$542K
$539K
$540K
$539K
$538K
$527K
$505K
$500K
$474K
May-23
Apr-24
May-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.
160
140
12.3
4+ bdrms
120
100
1
7.5
3 bdrms
80
6
5.7
5.5
60
59
40
3.1
2 bdrms
2.6
2.5
180
20
0
30
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 4 n/a 15 39 2.6 47 148 3.1 16 88 5.5 3 37 12.3 4 10 2.5 2 15 7.5 3 17 5.7
<2 bdrms
172
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 June 10, 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. 45 ●
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