victoria real estate board CONDO - MAY 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 79% VS 2023
▼ 8% VS 2023
▼ 1.6% VS 2023
▼ 2% VS 2023
There were 851 condo listings in the Victoria Real Estate Board in May, 14% above April and 79% higher than May 2023. May condo sales increased by 24% month-over-month, to 248, and were 2% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 254 475
% Change
No. 200 748
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 3.4, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
248 851
-4% -8% -1.6% 83% -2% 79%
24% 14%
The condo median price in May was $546,000, a 0.5% increase from April and 1.6% below May 2023. The average sold price was $611,104, 1.2% above last month; the average PSF sale price was $663, down 1.2% to last month.
$663 $611,104 $546,000 3.4
$694 $667,429 $555,000 1.9
$671 $603,827 $543,500 3.7
-1.2% 1.2% 0.5% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
851
23
681
670
660
748
610
494
580
18
536
537
475
504
484
245
254
248
181
156
154
125
200
191
167
141
117
104
$560K
$559K
$559K
$555K
$555K
$550K
$545K
$544K
$546K
$540K
$530K
$525K
$520K
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.
400
8.3
4+ bdrms
300
7.3
5.7
5
3 bdrms
200
4.5
22
3.3
2.7
2.1
164
100
2 bdrms
487
0
79
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 8 n/a 29 62 2.1 135 368 2.7 55 245 4.5 15 86 5.7 6 20 3.3 4 33 8.3 4 29 7.3
<2 bdrms
342
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. 7 ●
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