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

April 2021 saw moderate relief for beleaguered buyers in Victoria. As inventory grew moderately and sales dipped slightly compared to March, early signs point to a possible market shift and BCREA (the BC Real Estate Association) forecasts a significant decrease in sales volume for 2022.

While an increase in inventory is certainly promising, there is no doubt that we are still deep in a seller's market, and a red hot one at that. Any change that will come will come slowly and even BCREA’s forecast is a long way off (and is just that: a forecast). In the short term, the practice of looking at year-over-year numbers has been somewhat compromised as we head into our current record highs compared to early COVID’s record lows. This is leading to stats that look like our 288.9% year-over-year sales volume increase for April.

On a 5 year pre-pandemic average the month of April sits at 896 sales with 2016 holding the highest volume at 1,286 properties sold. April 2021 came in at 1,116 total sales so under 2016 but well over the average and 4.9% lower than the sales in March 2021. Breaking that down, there were 564 single-family home sales (down 1.7% from March), and 331 condo sales (down 12.2% from March 2020).

Inventory saw 1,454 available listings at the end of April, 11% more than the previous month but down 36.9% year-over-year. Looking at the 5-year average again for context, the average for that time is 2,596 active listings. Again, any change in inventory levels will take time.

Benchmark prices according to the home price index for single-family homes rose to a new high just shy of a million, up 12.6% (from last year) to hit $996,500, up also 2.9% from March. Condos only increased 2.6% year-over-year to hit $547,600.

The Neal Estate Team had a strong April too, with over $20,000,000 sold for the month, and helping our clients move their families and navigate an ever-changing market. If you are thinking of making a move but are afraid to sell without knowing where you are going to go, and are unable to competitively purchase without having sold, we have options and solutions for you.

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