victoria real estate board CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.3% VS 2023
▲ 42% VS 2023
▼ 1.9% VS 2023
▼ 10% VS 2023
There were 668 condo listings in the Victoria Real Estate Board in March, 16% above February and 42% higher than March 2023. March condo sales increased by 18% month-over-month, to 181, and were 10% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 200 470
% Change
No. 154 578
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 3.7, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
181 668
4% 0.3% -1.9% 57% -10% 42%
18% 16%
The condo median price in March was $559,000, a 5% increase from February and 1.9% below March 2023. The average sold price was $632,459, 8% above last month; the average PSF sale price was $684, up 4% to last month.
$684 $632,459 $559,000 3.7
$660 $630,582 $570,000 2.4
$659 $585,370 $530,000 3.8
4% 8% 5% -1.7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
668
610
681
660
494
578
24
476
536
536
470
504
484
475
254
18
245
200
156
154
141
181
207
125
191
167
117
104
$570K
$560K
$555K
$555K
$559K
$559K
$550K
$545K
$540K
$545K
$525K
$530K
$520K
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.
300
8.7
4+ bdrms
250
200
7
5.1
3 bdrms
150
4.7
4.6
22
4.0
100
2.9
115
1.8
2 bdrms
50
380
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 6 n/a 11 56 5.1 100 289 2.9 39 181 4.6 16 75 4.7 6 24 4.0 6 11 1.8 3 26 8.7
59
<2 bdrms
266
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. 7 ●
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