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Victoria Real Estate Market Update – August 2020

Posted by on Thursday, August 20th, 2020 in Victoria Real Estate News

Rocky the Raccoon Says

“Make Sure you Wear your Mask and wash your hands!”

 

August  2020:

Hope you are all making the best of this summer under the COVID world we are living in. The weather has been pretty good, so that has been a bonus. The Victoria real estate market was impacted by many different factors in July, and as a result, Victoria had one of the busiest July’s on record, and August is following suit. There is increased desire for people to move to our city from other parts of Canada due to the great job we are still doing to help contain Covid-19 on Vancouver Island, even with the recent new confirmed cases. The majority of buyers are from Greater Victoria, the rest of the Island and the lower mainland. With travel restrictions, the percentage of out of country buyers has been very low over the last few months. The overall market should remain strong for the next few months.

Below are the numbers for July, 2020.  

Listing Inventory: 

There were 2,653 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of July 2020, 10 % fewer properties than the total available at the end of July 2019 and a 1.7 % decrease from the 2,698 active listings for sale at the end of June 2020. Inventory remains relatively balanced but is definitely on the lower side for single family homes resulting in a rise in multiple offer situations.

Sales:

A total of 979 properties sold in the Victoria Real Estate Board region this July, 38.7 % more than the 706 properties sold in July 2019 and 21.2 % more than the previous month of June 2020. Sales of condominiums were up 11.2 % from July 2019 with 239 units sold. Sales of single family homes were up a whopping 61.1 % from July 2019 with 559 sold. I believe there will be a continued increase in the demand for single family homes for some time due to COVID.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in July 2019 was $861,100. The benchmark value for the same home in July 2020 increased by 5.7 % to $910,400, which was 1.6 % more than June’s value of $896,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in July 2019 was $520,900, while the benchmark value for the same condominium in July 2020 increased by 1.7 % to $529,900, which was 0.8 % more than the June value of $525,600. The overall picture shows continued demand for housing and the result is continued price increases across the board in our region.

In the meantime, enjoy the rest of the summer, and let’s hope the me can start to re-flatten our curve in BC so we can get back to the lower levels we experienced in the late spring. Stay safe!

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

 

 

 

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