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Victoria Real Estate Market Update-March 2021

Posted by on Tuesday, March 16th, 2021 in Victoria Real Estate News

Happy St. Patrick’s Day Everyone!

March 2021:

The Victoria Real Estate market is showing no signs of letting up as we approach the busiest season of the year. With sales at extremely high levels and listing inventory at historic lows, the resulting record high prices appear to be with us for the foreseeable future. The Bank of Canada is holding its rate steady, so the prediction is for continued low mortgage rates helping to increase the demand for housing in an already limited supply market. It is a great time to be a seller, but if you are repurchasing, make sure to have a plan B in place, in case you can not find a replacement home right away. This process might take longer than anticipated.

Below are the statistics for the month of February 2021.

Listing Inventory:

There were 1,318 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2021, 38 % fewer properties than the total available at the end of February 2020 and three properties fewer than the 1,321 active listings for sale at the end of January 2020. This historic low level of listing inventory is expected to continue for most of this year

Sales:

A total of 863 properties sold in the Victoria Real Estate Board region this February, 53.3 % more than the 563 properties sold in February 2020 and 33.6 % more than the previous month of January. Sales of condominiums were up 65.7 % from February 2020 with 290 units sold. Sales of single family homes were up 43.9 % from February 2020 with 390 sold. These high sales numbers are unusual for this time of the year, and will only increase further as spring approaches. This will result in continued low listing inventory.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in February 2020 was $870,300. The benchmark value for the same home in February 2021 increased by 9 % to $948,200, a 1.7 % increase from the previous month of January. The MLS® HPI benchmark value for a condominium in the Victoria Core in February 2020 was $525,600, while the benchmark for the same condominium in February 2021 remained close to last year’s value at $525,400. Single family homes remain high in demand, with multiple offers and continued high prices the norm. As a buyer, make sure you have done all your homework in advance and are ready to step up to the plate with your best offer.

 

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