May 2021:
Housing Market in Greater Victoria Remains Strong. With prices remaining at record highs, interest rates at record lows, and listing inventory about 40% lower than usual, there appears to be no slow down expected in the Victoria market anytime soon.
Below are the statistics for the month of April 2021.
Listing Inventory:
There were 1,454 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of April 2021, 36.9 % fewer properties than the total available at the end of April 2020 and 11% more than the 1,310 active listings for sale at the end of March 2021. Inventory is slowly climbing, but still sits about 40% lower than the 5 year average of just under 2600. The low inventory levels combined with the typical high buyer demand in the spring continue to fuel these high prices and multiple offers on desirable homes and neighborhoods.
Sales:
A total of 1,116 properties sold in the Victoria Real Estate Board region this April, 288.9 % more than the 287 properties sold in April 2020, but 4.9 % fewer than the previous month of March. Note – the 2020 numbers were extremely low due to the lock down from COVID in April 2020. Against the pre-pandemic 5 year average for April, the 2021 sales were up about 25%. Sales of single family homes were up 246 % from April 2020, where only 564 sold yet there were about 1.7 % fewer single family homes sold in April 2021 compared to the previous month of March. Sales of condominiums were up 353.4 % from April 2020 with 331 units sold. However, 12.2 $ fewer condominiums sold in April 2021 than in the previous month of March. This slight slow down in sales has helped to increase the listing inventory somewhat, which has resulted in fewer multiple offers on some properties, and an increase in listings that are not holding off on offers. However, with the norm being around 2500 listings at this time, the demand for housing is still extremely high and will continue to be for sometime.
Average Prices:
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in April 2020 was $884,600. The benchmark value for the same home in April 2021 increased by 12.6 % to $996,500, a 2.9 % increase from the previous month of March. The MLS® HPI benchmark value for a condominium in the Victoria Core in April 2020 was $533,600, while the benchmark value for the same condominium in April 2021 was $547,600, a 2.6 % increase. We do not know where the top of the market is, but with recent increased listings and lower sales numbers, prices may be at or close to a peak. May numbers will help to predict where the market will be moving into the summer.
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