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

The Victoria Real Estate market felt inventory tighten as July came to an end. The number of sales also decreased but transactions still outpaced the number of new listings. There was a 11.4% decrease with 835 total sales in July compared to June 2021 and 14.7% less than July 2020. Single-family home sales volume decreased 10% from June and 29.2% from the previous year while condos were down 16% in the month and 18.8% year over year.

While inventory constrained the sales numbers Vancouver Island wide, The Neal Estate Team outperformed the market again and increased the number of closed deals by 21.7% in July compared to last year.

The number that everyone is watching right now is inventory and as said, July saw further declines on this front. With 1,270 listings on the market at the end of the month, the “months of inventory” (the number of active listings divided by the number of monthly sales) stayed relatively stable keeping us firmly and deeply in a seller's market. We are sitting at 1.52 Months of inventory currently and would need to hit about 5-8 months for a balanced market. Inventory decreased 7.6% from June to the end of July and 52.1% year over year.

Benchmark prices, that is, “the average home” in any given area rose 1.7% from June to July for single-family dwellings in Victoria Core. Year over year, that same “average home” increased 18.9% from $909,900 in 2020 to $1,082,000 in July 2021. Condos year over year went from $494,900 to $535,100, an 8.1% increase.

Striving to raise the bar for exceptional world-class personal service, the Neal Estate Team welcomes two more licensed Real Estate Professionals and an additional administrator this month. We are also happy to report that our annual Christmas in July at Our Place Society was a great success feeding hundreds of meals to the less fortunate, there were lots of happy faces and full bellies. 

Lastly, Sparton Acres Organic Blueberries are selling now, uPick or picked with 100% proceeds donated to BC Children’s Hospital. Click Here for more information!

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