Our housing market eased into the new year with a renewed sense of balance. Sales were up slightly based off last year's very low numbers, and overall, we saw the stabilization that we observed in late 2023 continue into 2024. Mortgage rates have levelled out, inventory is slowly creeping back up, and we are no longer in that highly pressurized market of recent years which created complicated and sometimes stressful conditions for buyers and sellers. A balanced market means opportunity for buyers and sellers in Victoria.
There were 2,140 active listings for sale at the end of January 2024, an increase of 0.4% compared to the previous month of December and a 23.1% increase from the 1,739 active listings for sale at the end of January 2023.
If balanced conditions continue, buyers and sellers will have more time to make decisions and there will be less pressure on pricing. Of course, there are many factors that impact the market here in Victoria, and as we've seen in the past things can change very rapidly. If you are considering selling or buying, connect with me to identify where your opportunities are as we move towards spring