April 2020:
Happy Easter!
I hope you and your loved ones are doing well and staying safe under the current COVID-19 world we are all living in. During these challenging times, the real estate market will be experiencing some significant turbulence. We will get through this, but during the next few months, the market will be entering uncharted territory. The sales numbers for the latter part of March began to slow, and so far in April, they have been significantly lower than in previous spring markets during this time.
The April numbers will tell the story. Until then, below are the numbers for March, 2020.
Listing Inventory:
There were 2,252 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2020, 7.5 % fewer properties than the total available at the end of March 2019 but a 5.9 % increase from the 2,127 active listings for sale at the end of February 2020. This inventory should continue to drop due to the slow down in the market.
Sales:
A total of 608 properties sold in the Victoria Real Estate Board region this March, 5% fewer than the 640 properties sold in March 2019 but 8% more than the previous month of February 2020. Sales of condominiums were down 9.2 % from March 2019 with 178 units sold. Sales of single-family homes decreased 5.3% March 2019 with 305 sold. The slow down began in the third week of March. Prior to that time, the sales numbers were on par to be higher than March 2019.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in March 2019 was $836,100. The benchmark value for the same home in March 2020 increased by 5% to $877,700, 1.1 % more than February’s value of $868,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2019 was $507,700 while the benchmark value for the same condominium in March 2020 increased by 4.8 % to $531,900, 0.9 % more than the February value of $527,400. The uncertainty at this time is how prices will fare from April onward. Next month will be a significant month to gather data to try and interpret where the prices will be heading and how much COVID-19 will affect local and national and global pricing.
In the meantime, let’s hope COVID 19 gets under control quickly, so things can get back to normal. Stay safe everyone and enjoy the Easter long weekend.
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
Check out the Latest Greater Victoria Statistics: www.dalesheppard.com/resources
Click here for List of Upcoming Open Houses in Greater Victoria
