Call Dale
Toll Free: 1-877-553-9601
Phone: 250-744-3301
Cell: 250-744-0844

Victoria Real Estate Market Update – March 2020

Posted by on Wednesday, March 18th, 2020 in Victoria Real Estate News

March  2020: 

Up until this week, the real estate market in Victoria was experiencing a strong start to the upcoming spring marketHowever, COVID 19 has changed all of that, specifically over the last 48 hours. I have been inundated with emails and calls from clients that are wondering which course of action to take right now. Escalating concerns over the COVID 19 news around the world and in our province and city have ground activities to a halt, and we are now navigating in uncharted waters to develop a safe plan to keep the real estate sector moving in the most practical way possible. We have never experienced this before. Unless you are in a must sell or must buy situationit is probably a good idea to put your plans on hold until we can sort out the best logistics to market and sell properties in this environment. Most of my clients are now waiting to see how this plays out over the next few weeks or months. Our industry and office is working on the creating a safe environment to continue operating. It is definitely not business as usual, but we will continue to operate to assist you with your real estate needs as they arise during this time.  

In the meantime, let’s hope the virus gets under control fast, so we can all get back to our normal daily routines and enjoy our family time, work and socializing without the fear of contracting this virus. I know everyone is saying this, but make sure you practice social distancing, wash your hands well and try to reframe from touching your face. Stay safe. 

Below are some of the statistics for February 2020 

Listing Inventory:  

There were 2,127 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2020, 4 properties fewer than the total available at the end of February 2019 and an 8.6% increase from the 1,958 active listings for sale at the end of January 2020. This overall inventory is still very low, and the market experienced some multiple offer situations for desirable properties last month and up until the last few days.  

Sales: 

A total of 563 properties sold in the Victoria Real Estate Board region this February, 33.7 % more than the 421 properties sold in February 2019 and 37 % more than in January 2020. Sales of condominiums were up 35.7% from February 2019 with 175 units sold. Sales of single family homes increased 23.7% from January 2020 with 271 sold. These are good sale numbers for February. March is now uncertain due to the dramatic market shift this past few days. 

Average Prices: 

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2019 was $838,800. The benchmark value for the same home in February 2020 increased by 3.5 % to $868,100, 1.1 % more than January’s value of $858,500. The MLS® HPI benchmark value for a condominium in the Victoria Core area in February 2019 was $503,600 while the benchmark value for the same condominium in February 2020 increased by 4.7%  to $527,400, 1.2%  more than the January value of $521,000. The overall market has been quite stable up until this week, and the small price increase are a direct result of lack of listing inventory. The number of listings always increase in the spring, but everything has been turned on its head this week. It will be hard to say what will happen next in the market, and hard to predict how the market will react with pricing. We will know more in a few weeks when the March numbers come out. Let’s hope this COVID 19 gets under control quickly, so things can get back to normal. Stay safe everyone. 

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

 

 

 

One response to “Victoria Real Estate Market Update – March 2020”

  1. Clay Jackson says:

    Thanks Dale. Uncertain times indeed! I’ll be buying when the time is right. Take care.

Leave a Reply

Your email address will not be published. Required fields are marked *