September 2020:
The Victoria Real Estate market was extremely busy throughout the month of August. Sales were almost 50% higher than the 2019 numbers, while prices held steady. The record low interest rates at this time, buoyed by the rush to make a move before the potential 2nd wave of the pandemic hits in the fall, have created a summer market unlike any that we have seen before. September will be a test as to the continued strength of the market as summer comes to an end, and schools re-open. The great weather is a bonus so enjoy it while it lasts!
Below are the numbers for August, 2020.
Listing Inventory:
There were 2,584 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of August 2020, 8.9 % fewer properties than the total available at the end of August 2019 and a 2.6 % decrease from the 2,653 active listings for sale at the end of July 2020. This drop in listing inventory combined with low interest rates will most likely keep prices steady.
Sales:
A total of 979 properties sold in the Victoria Real Estate Board region this August, 48.1 % more than the 661 properties sold in August 2019 and exactly the same total as the previous month of July 2020. Sales of condominiums were up 29.1 % from August 2019 with 262 units sold. Sales of single family homes were up 45 % from August 2019 with 509 sold. Single family homes have been the driver of this market surge over the last few months. Condo sales are up too, but there is a higher inventory of condos, so condos must be priced correctly to achieve a sucessful sale in todays market.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in August 2019 was $849,500. The benchmark value for the same home in August 2020 increased by 4.7 % to $889,200, 2.3 % less than July’s value of $909,700. The MLS® HPI benchmark value for a condominium in the Victoria Core in August 2019 was $518,000, while the benchmark value for the same condominium in August 2020 decreased by 0.8 % to $513,900, 3.2 % less than the July value of $530,800. Prices of single family homes dipped slightly in August compared to the last month in July, but were up higher than the 2019 levels at this time a year ago. This is driven by the current increased demand for single family homes and the low interest rates. Condo prices are actually down slightly from 2019 levels, and as I mentioned above, they need to be priced right to obtain a successful sale.
In the meantime, enjoy the rest of the summer, and let’s hope the BC can start to re-flatten our curve so we can get back to the lower levels we experienced in the late spring. Stay safe!
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
