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Victoria Real Estate Market Update- February 2020

Posted by on Friday, February 14th, 2020 in Victoria Real Estate News

Happy Valentines Day !

February 2020:

It looks like Victoria is finally getting some reprieve from the heavy rain that has saturated our region over the last few months. The real estate market has continued to remain strong over the winter months and the current sales numbers are trending upward. If interest rates drop, which some are predicting, then the market may start to heat up this spring. This combined with the low listing inventory could lead to upward pressures on pricing in the coming months.

Below are some of the statistics for January 2019

Listing Inventory:

There were 1,958 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2020, only a handful more than the total available at the end of December 2019 and a 4.8 per cent decrease from the 2,057 active listings for sale at the end of January 2019. If this lower than normal listing inventory level continues, then the market will begin to shift more towards a sellers market.

Sales:

A total of 411 properties sold in the Victoria Real Estate Board region this January, 24.9 per cent more than the 329 properties sold in January 2019 and 2.2 per cent more than in December 2019. Sales of condominiums were up 6.3 per cent from January 2019 with 118 units sold. Sales of single family homes increased 31.6 per cent from January 2019 with 200 sold.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in January 2019 was $846,900. The benchmark value for the same home in January 2020 increased by 1.4 per cent to $858,500, 0.4 per cent more than December’s value of $855,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in January 2019 was $500,500, while the benchmark value for the same condominium in January 2020 increased by 4.1 per cent to $521,100, slightly more than the December value of $520,700.

If you or any of your family or friends require any real estate related information, feel free to contact Dale at 250-744-0844, or email him through his website: www.dalesheppard.com

Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources

Click here for List of Upcoming Open Houses in Greater Victoria

 

I would like to thank all of my clients for helping me achieve Top Producer status for the Month of January

I couldn’t have done it without you allowing me to represent you with your Real estate sales and purchases.

 

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