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Victoria Real Estate Market Update- December 2020

Posted by on Friday, December 11th, 2020 in Victoria Real Estate News

December 2020:   

As we enter the Holiday season the Victoria real estate market remains strong and should continue to excel into 2021, even in the face of the pandemic. The positive news of the Vaccine comes at a time when the increased restrictions are creating challenging times for families to get together in the traditional ways we are all used to at this time of year. This will be a different Christmas to say the least, and I wish you and your families all the best during this season and into the New year. Here’s to a great 2021! Stay safe.

Below are the statistics for the month of November 2020.  

Listing Inventory: 

There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 % fewer properties than the total available at the end of November 2019 and a 14.6 % decrease from the 2,122 active listings for sale at the end of October 2020. This continued low inventory is contributing to higher prices due to the large number of buyers vying for the same property, resulting in about 50% of single family homes selling at or above their list price.

Sales:

A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 % more than the 577 properties sold in November 2019 but 19.7 % fewer than the previous month of October 2020. Sales of condominiums were up 62.7 % from November 2019 with 262 units sold. Sales of single family homes were up 21.8 % from November 2019 with 375 sold. Overall sales have surpassed last years pace consistently all year long. This has helped to create the low inventory we have been experiencing for most of this year.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in November 2019 was $857,600. The benchmark value for the same home in November 2020 increased by 5.3 % to $903,100, a 2.7 % increase from the previous month of October. The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2019 was $517,400, while the benchmark for the same condominium in November 2020 remained close to last year’s value at $516,600, a 0.2 % fluctuation. These modest price increases should continue into 2021, with single family homes leading the way.

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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