June 2021:
The Greater Victoria real estate market experienced an extremely busy May. Prices continued to climb, listing inventory continued to decline, and the number of sales were again above the 10 year average. The majority of out of country buyers have been on the sidelines due to the travel restrictions. The inter-provincial buyers have also slowed due to the travel restrictions over the last few months, and our market has still remained incredibly busy with mostly local buyers leading the way. Wait until the provincial and federal borders open in the coming months. The current busy market should continue for some time if we see an influx of International and Canada wide buyers in the coming months.
Below are the statistics for the month of May 2021.
Listing Inventory:
There were 1,450 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of May 2021, 43 % fewer properties than the total available at the end of May 2020 and 4 properties fewer than the 1,454 active listings for sale at the end of April 2021. The norm for this time of the year is over 2500. This low number of homes on the market is making it very difficult for buyers to find a suitable home to purchase without competing with a number of other buyers for the same properties.
Sales:
A total of 1,049 properties sold in the Victoria Real Estate Board region this May, 129.5 % more than the 457 properties sold in May 2020, but 6 % per cent fewer than the previous month of April. Sales of condominiums were up 200.9 % from May 2020 with 325 units sold. 1.8 % fewer condominiums sold in May 2021 than in the previous month of April. Sales of single family homes were up 111.4 % from May 2020 with 537 sold. 4.8 % fewer single family homes sold in May 2021 than in the previous month of April. The current number of monthly sales is trending higher than the 10 year average.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in May 2020 was $855,900. The benchmark value for the same home in May 2021 increased by 17 % to $1,036,100, a 3.9 % increase from the previous month of April. The MLS® HPI benchmark value for a condominium in the Victoria Core in May 2020 was $500,000, while the benchmark value for the same condominium in May 2021 was $526,000, a 5.2 % increase. These price increases have been rapid. However, I think the pace of increases may start to level off in the coming months as we enter the summer market.
