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Victoria Real Estate Market Update-July 2021

Posted by on Tuesday, July 13th, 2021 in Victoria Real Estate News

July 2021:

The Month of June was another busy month for the Victoria Real Estate market. However, the heat wave did slow the market in the latter part of the month and now with the relaxing of the Covid 19 restrictions as of July 1st, the market seems to have shifted slightly and the frenzy has subsided  for the time being.  Low inventory and strong demand continue, but the multiple offers have tapered off, and so far into July, the focus seems to be on enjoying the weather and getting out camping and vacationing.

Below are the statistics for the month of June 2021.

Listing Inventory:

There were 1,375 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of June 2021, 49 % fewer properties than the 2,698 available at the end of June 2020 and 5.0% fewer than the 1,450 active listings for sale at the end of May 2021. This continued low inventory should keep priced propped up but I think the price increases may slow down as summer progresses. We are still at historic lows of listing inventory which will create a busy fall market.

Sales:

A total of 942 properties sold in the Victoria Real Estate Board region this June, 16.6 % more than the 808 properties sold in June 2020, but 10.2 % fewer than the previous month of May. Condominium sales were up 61.7 % from June 2020 with 338 units sold. 4 % more condominiums sold in June 2021 than in the previous month of May. Sales of single family homes were down 4.3 % from June 2020 with 440 sold. 18.1 % fewer single family homes sold in June 2021 than in the previous month of May. Condos continue to dominate as affordability has limited the number of Buyers for single family homes in our high priced region

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2020 was $896,700. The benchmark value for the same home in June 2021 increased by 18.6 % to $1,063,500, a 2.6 % increase from the previous month of May. The MLS® HPI benchmark value for a condominium in the Victoria Core in June 2020 was $490,400, while the benchmark value for the same condominium in June 2021 was $531,100, an 8.3% increase.  Condo’s prices have increased in the last year, mainly due to affordability compared to Single Family homes. Prices for Single Family Homes have increased to another record price in Greater Victoria. This may cool off a bit over the summer as the number of sales so far for July is on track to be significantly lower than 2020 July numbers. Again, the focus now seems to be on getting outside and enjoying life after 16 months of tight restrictions due to Covid 19.

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