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Victoria Real Estate Market Update- November 2020

Posted by on Tuesday, November 17th, 2020 in Victoria Real Estate News

November 2020:

The Victoria Real Estate Market continues to outperform in unpredictable times. October hit an all time high for the number of sales. The market is showing no signs of slowing during the pandemic, and with Vancouver Island faring much better with COVID than other regions in the province and across the country, the desire to move here is very high. The global media company Monocle have just released their 2021 Small Cities Index, and they have ranked Victoria 5th in the world, up from 16th last year. The desirability of our city, coupled with the increase in the local buyer pool due to the historical low interest rates, should continue to keep our market strong in the coming months.

Below are the statistics for the month of October 2020.   

Listing Inventory: 

There were 2,122 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of October 2020, 19.7 % fewer properties than the total available at the end of October 2019 and an 11.2 % decrease from the 2,389 active listings for sale at the end of September 2020.  This over all low inventory level is creating an increase in multiple offers throughout Greater Victoria. A well priced home is selling very fast. This will continue into the fall and winter if more sellers do not materialize.

Sales:

A total of 990 properties sold in the Victoria Real Estate Board region this October, 59.9 % more than the 619 properties sold in October 2019 and 0.1 % more than the previous month of September 2020. Sales of condominiums were up 70.8 % from October 2019 with 304 units sold. Sales of single family homes were up 53.1 % from October 2019 with 487 sold. October 2020 was a record year for the number of sales. This is unprecedented, especially during a pandemic. So far, November is on track for over 800 sales. There is no sign of a slow down ahead.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2019 was $859,900. The benchmark value for the same home in October 2020 increased by 2.3 % to $879,600, virtually the same value as listed in September of this year. MLS® HPI benchmark value for a condominium in the Victoria Core in October 2019 was $512,500, while the benchmark for the same condominium in October 2020 remained close to last year’s value at $512,300, 0.3 % more than the September value of $510,600. While condo sales increased last month compared to a year ago, the average prices have remained stable. This is due in large part to the balance of condo inventory being better than single family homes. The bulk of buyers are preferring single family, which has created a lower inventory, resulting in higher demand and increased prices for single family homes. This trend does not seem to be slowing, so the coming months may yield even higher average prices for single family homes.

Enjoy the rest of the month, and I will check back in December. 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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