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Victoria Real Estate Market Update- October 2020

Posted by on Wednesday, October 14th, 2020 in Victoria Real Estate News

 

October 2020:

The Victoria Real Estate market is continuing to thrive during these irregular times, with single family sales leading the way. The overall sales numbers were up substantially in September, and so far, they are continuing to remain strong in October. Victoria remains a popular buying destination not only for local buyers, but also from buyers across Canada. This, combined with low interest rates, is helping fuel the market with no signs of a slow down ahead.

Below are the statistics for the month of September 2020.   

Listing Inventory: 

There were 2,389 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2020, 15.4 % fewer properties than the total available at the end of September 2019 and a 7.5 % decrease from the 2,584 active listings for sale at the end of August 2020. This lower inventory count, combined with the increase in sales, has made it much harder for buyers to find a home without having to compete with multiple offers.

Sales:

A total of 989 properties sold in the Victoria Real Estate Board region this September, 60.6 % more than the 616 properties sold in September 2019 and 1% more than the previous month of August 2020. Sales of condominiums were up 26.7 % from September 2019 with 280 units sold. Sales of single family homes were up 91.9 % from September 2019 with 539 sold. With record low interest rates, these sales numbers should continue to remain strong through this year and into 2021, barring any significant impacts to the economy due to the uncertainty arising from a second wave of COVID.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2019 was $849,100. The benchmark value for the same home in September 2020 increased by 3.5 % to $879,200, 1.1 % less than August’s value of $889,200. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2019 was $512,500, while the benchmark value for the same condominium in September 2020 decreased by 0.4 % to $510,600, 0.6 % less than the August value of $513.900. Prices are stable but down slightly from August. This adds an element of surprise, as prices usually trend upward when sales are high and listing inventory low. Next month should give a better picture of where prices are going. However, stable is usually good for the market.

In the meantime, there is a lot happening over the next few weeks. Halloween is just around the corner while our local BC election is rapidly approaching. Oh right, there is a US election set for early November! It will be an interesting couple of weeks indeed. Enjoy the rest of the month, and I will check back in November. Until then, 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

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