2020 continues strong for the VREB (Victoria Real Estate Board) area, with a 33.7% increase in property sales in February compared to the same month last year, totalling 563 sales. The momentum continued from an already strong start to the year by increasing sales volume, up 37% from January to February. There were 271 single family home sales (up 23.7% from January 2020) and 175 condo units sold in February 2020 (up 35.7% from February 2019).
Inventory increased 8.6% from the end of January this year to 2,127 listings available on the market at the end of February, only 4 active listings less than what was available at the end of February 2019. Both 2020 and 2019 are well below the 10 year average for February with 3,007 active listings.
Considering the flurry of activity this February, it seems that the spring market might be arriving a bit early. On the other hand, the big increase in sales volume is mainly looked at in comparison to last year which didn’t get going strong until April-May (despite ending with a 30% increase in total sales compared to the previous year). The average sales volume in February over 10 years is 537 units (not far off our 563 units in February this year). That being said, the sustained low inventory coupled with the increase in interested buyers is leading to well-priced properties going in multiple offers.
As part of a coordinated global effort to counteract the negative impact of the Coronavirus, Canada's Central Bank reduced the key lending rates by 50 basis points. Our economy is very strong both locally and nationally and I would expect us to weather this storm.
HPI Benchmark price for single-family homes in Victoria Core was $868,100 in February 2020, a 3.5% increase from the same month last year and 1.1% up from January 2020. Benchmark prices for condos in the Core was $527,400, a 4.7% increase from February 2019 and 1.2% up from January 2020.
Correctly presented properties are continuing to sell. There are abundant opportunities depending on your area, property type, and price range, especially for moving-up buyers. Please contact us for a free consultation with a Neal Estate Team Area Specialist.
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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.