The Neal Estate Team's Victoria Real Estate Update for April 2021

The Victoria Real Estate market kept right on trend with the recent era of the covid housing rush, but with a little injection of the spring market. Speaking of “this era” of covid, we are just now heading into the one full year stretch since the beginning of covid, the beginning era having a very different effect on the housing market than our current one. Remember the whole reason for the beginning of this boom was “pent up demand”, well now we are headed into the one year mark from when that demand was being pent up. The outcome of this is that our year-over-year comparisons are going to start to become less meaningful. While March to March is the start of the weird numbers, April 2020 is when there were really low lows.

March 2021 saw 1,173 total sales in the Victoria Board area, 35.9% more than the already robust sales numbers of February. Year over year the increase came it at 92.9% up. Breaking that increase down by property type, single family dwelling (SFD) sales were up 88.2% and condos were up 111.8% compared to the same month last year (574 SFD & 337 condo sales). We on the Neal Estate Team had a record breaking month as well, breaking our sales volume for any previous March with 27 happy families moved and over 25 million dollars of Real Estate sold.

Inventory again did not manage to keep pace with sales and there was a slight decrease from February to March (only 0.6%). With only 1,310 listings available at the end of march 2021 (just over 1 month of inventory), we are well into a seller’s market and homes that are priced well are selling consistently over asking and quickly. While we are still deep into a seller’s market and that won’t change quickly, it is worth noting that if demand is dampened (naturally or by some government intervention) we could see a situation where those fast and easy sales aren’t as common. We have seen that there isn’t a lack of new listings coming on to the market, in fact, new listings are up. It’s just that right now the demand is eating up all that inventory too quickly.

Unsurprisingly, the low inventory and intense demand are finally showing their impact on price. The Benchmark price for a single family home in the Victoria Core hit $968,700, a whole 10.1% up from last year and 2.2% from February. Condos, on the other hand, still lagged behind by staying close to last year’s benchmark value at $529,100. But looking at the sales numbers it is obvious that demand is being driven to this segment and that price will follow.

As the market continues to change and change quickly, we at The Neal Estate Team have once again proven we are able to adapt and provide the highest level of services for our clients and give back to our community while doing it. At the RE/MAX international Virtual Conference which took place in March, we were recognized as the #1 RE/MAX Team for Victoria and Vancouver Island and our team leader and founder, Ron Neal, was recognized as the top contributor to BC Children’s Hospital.

Our team is still consistently beating the market and leading the industry in marketing innovation. In March our pre-marketing program generated 20,000 views on a single coming soon listing post, and we proceeded to sell that property $50,000 over listing price and $25,000 over the price the property had recently been listed on the market (for 165 days) with another Realtor. Our proven systems aren’t just for sellers. With our extensive network, we have access to many listings before they appear on MLS. That combined with years of experience and robust systems that we have developed proven options and strategies for when you're afraid of becoming homeless. You want to make a move but are afraid to sell not knowing where you're going to go and are unable to competitively purchase without having sold. We have options and solutions that eliminate the risk and the fear.

If you would like to know how we are beating the market, helping our clients win, and keeping people moving safely, please click Here for a FREE consultation. Find new listings before they get to MLS and ask us about featuring your home on VictoriaComingSoonListings.com, where we generate interest while you're getting ready to come to market. Ask us also about our FREE Staging Consultation for advice on preparing your home in its best light for the market, ensuring you the best results.  

Stay safe,

The Neal Estate Team
Your Victoria & Vancouver Island Real Estate Experts
“Let our experience be your guide
www.RonNeal.com
www.HomesOnVancouverIsland.ca