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Victoria Real Estate Market Update-October 2021

Posted by on Thursday, October 14th, 2021 in Victoria Real Estate News

October 2021:

Hope everyone had a great Thanksgiving weekend. Next up is Halloween. Can’t wait to see our 4 year old granddaughter who is making the trip from Vancouver to spend Halloween with us.

The Victoria real estate market has slowed somewhat over the last two months. Primarily due to the lack of available housing leading to lower sales numbers due to the extremely low listing inventory in all sectors of the market. There is no shortage of buyers locally and from outside of Greater Victoria, increasing the demand for existing properties on the market and new construction being built. Builders cannot keep up with the demand. Most homeowners are reluctant to list their home because of the lack of confidence in finding a replacement in either our local market or any other location on the island. The result is continued price increases due to multiple interest from buyers competing for the same properties. The fall will remain the same until the supply of listing inventory increases substantially. Stay tuned…

Below are the statistics for the month of September 2021.

Listing Inventory:

There were 1,124 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of September 2021, 53 % fewer properties than the 2,389 available at the end of September 2020 but four properties more than the 1,120 active listings for sale at the end of August 2021. The continued low inventory levels are here to stay for a while. This is great if you are selling your home, but harder if you are entering the housing market, as prices continue to remain high, and competition for properties remains strong.

Sales:

A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 % fewer than the 989 properties sold in September 2020 and 8.4 % fewer than the previous month of August. Condominium sales were up 9.3 % from September 2020 with 306 units sold. 11.3 % fewer condominiums sold in September 2021 than in the previous month of August. Sales of single family homes were down 38.6 % from September 2020 with 331 sold. 7.3 % fewer single family homes sold in September 2021 than in the previous month of August. The low inventory levels have contributed to the slower sales over the last few months primarily due to the lack of confidence that sellers have in listing their homes in this current environment for fear of not being able to find a suitable replacement home after they have sold.

Average Prices:

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in September 2020 was $879,700. The benchmark value for the same home in September 2021 increased by 25.1 % to $1,100,200, a 1 % increase from the previous month of August. The MLS® HPI benchmark value for a condominium in the Victoria Core in September 2020 was $482,000, while the benchmark value for the same condominium in September 2021 increased by 13.3 % to $545,900. Again, due primarily to the low listing inventory, prices are still trending up in all segments of the market.

View Full Statistics Package

https://www.vreb.org/pdf/VREBNewsReleaseFull.pdf

 

Victoria Historical Statistics

https://www.vreb.org/historical-statistics#gsc.tab=0

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