The Victoria Real Estate market continued red hot through September. Driven by strong demand from buyers, especially for single-family homes there was a massive 60.6% increase in total sales volume in September 2020 compared to the same month last year. With 989 units sold in the Victoria Board area, 1% more than the record high previous month, inventory simply can’t keep up. 

For a more shocking number, we can look at single-family homes specifically, which were up 91.9% compared to the same month last year with 539 homes sold in September! Condos had a more modest bump in sales volume at 26.7% up year over year with 280 unit sales. Although Condos lag behind in sales, for now, there is a good chance we will see this market segment increase in the future as buyers are eliminated from the single-family market and the higher inventory of condos makes them more appealing.

Speaking of inventory, the number of listings coming on to the market just can’t keep up with this volume of sales. There was a 7.5% decrease in available listings compared to August 2020 and a 15.4% decrease compared to September 2019 for a total active listing count of 2,389 at the end of the month. That is 2.4 months of inventory based on our current sales numbers which put us firmly in a seller’s market.

These strong factors of both supply and demand have certainly made selling a home quick and easy, with median days on market of just 18 days for single-family homes in the Victoria core (for homes sold in September) and the same demographic selling for an average of 100% asking price. Despite those numbers, benchmark value according to the Home Price Index was not up across the board. Single-family homes were up 3.5% compared to September last year but down 1.1% from August to hit $849,100. Condo’s benchmark value decreased almost half a percent year over year and just over half a percent compared to August to hit $510,600

The rebound in our market has been greater than anyone could have expected. We will be seeing pent up demand playing less and less of a role as the sales numbers surpass that which would have sold in a “normal year”. This is not a normal year though and it is even more foolhardy than usual to predict the future of this market. Right now, it is a FANTASTIC time to sell, especially a single-family or semi-detached home. Also, there could be some opportunity for buyers in the condo market as the demand has kept pretty steady and inventory is increasing (not to mention killer interest rates available for those buyers).

If you would like to know how we are beating the market and helping our clients win, please click Here for a FREE consultation. Ask us about featuring your home on VictoriaComingSoonListings.com to ensure the best results and we hit the ground running together as we get to the other side of this.

Stay safe,

The Neal Estate TeamYour Victoria & Vancouver Island Real Estate Experts“Let our experience be your guidewww.RonNeal.comwww.HomesOnVancouverIsland.ca