victoria CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 46% VS 2023
▼ 5% VS 2023
▼ 14% VS 2023
There were 272 condo listings in Victoria in March, 14% above February and 46% higher than March 2023.
March condo sales increased by 4% month-over-month, to 72, and were 14% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in Victoria, at 3.8, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$675 $646,779 $539,000 3.8 72 272
$680 $603,333 $569,750 2.2 84 186
-0.8% 7% -5% 71% -14% 46%
$707 $589,235 $500,000 3.4 69 238
-5% 10% 8% 10% 4% 14%
The condo median price in March was $539,000, a 8% increase from February and 5% below March 2023. The average sold price was $646,779, 10% above last month; the average PSF sale price was $675, down 5% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
301
30
30
260
272
253
272
254
206
205
201
238
186
205
194
20
102
100
84
69
84
72
49
44
71
59
51
44
34
$570K
$553K
$558K
$550K
$550K
$543K
$539K
$542K
$540K
$539K
$505K
$500K
$474K
Mar-23
Feb-24
Mar-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.
120
6.7
4+ bdrms
100
6.0
5.0
80
2
3.8
3 bdrms
3.4
60
8
3.2
2.0
40
44
2 bdrms
130
20
0
26
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 9 34 3.8 37 118 3.2 11 55 5.0 7 24 3.4 2 12 6.0 3 6 2.0 3 20 6.7
<2 bdrms
134
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 April 8, 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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