The market recovery stayed strong in the Vancouver Island Real Estate Board area, with a continued high volume of sales and low inventory. Much of the activity driven by pent up demand and low-interest rates.
There was a 39% increase year over year for August of total properties sold, hitting 1,101 sales. 547 of those sales were single-family homes, which increased 35% compared to August last year. The sales volume of condos increased in the same time period by 43%, and townhomes in the same period by 19%.
There were 1,081 single-family homes on the market available to buyers (excluding acreages and oceanfront), 427 condos, and 221 townhomes in August 2020. Given the volume of sales, this level of inventory indicates a strong seller's market.
Board-wide Benchmark price for a single-family home decreased 2% from July 2020 but increased 3% compared to August last year, hitting $533,300. Condos were down slightly from July but up 5% compared to last year to hit $312,000. Townhomes were up 4% year over year and 1% from the previous month, hitting $432,300
Here is a breakdown of regional benchmark values and how they have changed year over year:
|Malahat and Area||$610,200||+7%|
Though the changes in the recent months have been slight there is still much going on. Pent up demand absolutely is still playing a role, but that will likely be coming to an end in the near future and low-interest rates will start to be the driving force in the market if they are not already. Of course, the future is still opaque and these numbers are abnormally bad for establishing a trend given the uniqueness of the current socio-economic situation. We also won’t know how strong the effects of mortgage deferrals coming due and CERB ending will be or if the government will continue to make changes to soften those blows. Anecdotally, we on The Neal Estate Team are still seeing multiple offers and well-priced properties selling quickly. We don’t know what tomorrow will bring, but we do know that now is still a fantastic time to sell your property
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.
The Neal Estate Team
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The Neal Estate Team is your #1 source for all of your Victoria BC real estate needs. Get in touch with us online or by phone at (250) 386-8181 to speak with a Victoria real estate buying or selling expert today. With decades of experience as a top selling Victoria REALTOR® and ranked in top 1% globally with over 4,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Team have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.