The Neal Estate Team's Victoria Real Estate Update for October 2020
Posted by Ron Neal on Thursday, October 8th, 2020 at 8:43pm.
The Victoria Real Estate market continued red hot through September. Driven by strong demand from buyers, especially for single-family homes there was a massive 60.6% increase in total sales volume in September 2020 compared to the same month last year. With 989 units sold in the Victoria Board area, 1% more than the record high previous month, inventory simply can’t keep up.
For a more shocking number, we can look at single-family homes specifically, which were up 91.9% compared to the same month last year with 539 homes sold in September! Condos had a more modest bump in sales volume at 26.7% up year over year with 280 unit sales. Although Condos lag behind in sales, for now, there is a good chance we will see this market segment increase in the future as buyers are eliminated from the single-family market and the higher inventory of condos makes them more appealing.
Speaking of inventory, the number of listings coming on to the market just can’t keep up with this volume of sales. There was a 7.5% decrease in available listings compared to August 2020 and a 15.4% decrease compared to September 2019 for a total active listing count of 2,389 at the end of the month. That is 2.4 months of inventory based on our current sales numbers which put us firmly in a seller’s market.
These strong factors of both supply and demand have certainly made selling a home quick and easy, with median days on market of just 18 days for single-family homes in the Victoria core (for homes sold in September) and the same demographic selling for an average of 100% asking price. Despite those numbers, benchmark value according to the Home Price Index was not up across the board. Single-family homes were up 3.5% compared to September last year but down 1.1% from August to hit $879,200. Condo’s benchmark value decreased almost half a percent year over year and just over half a percent compared to August to hit $510,600
The rebound in our market has been greater than anyone could have expected. We will be seeing pent up demand playing less and less of a role as the sales numbers surpass that which would have sold in a “normal year”. This is not a normal year though and it is even more foolhardy than usual to predict the future of this market. Right now, it is a FANTASTIC time to sell, especially a single-family or semi-detached home. Also, there could be some opportunity for buyers in the condo market as the demand has kept pretty steady and inventory is increasing (not to mention killer interest rates available for those buyers).
If you would like to know how we are beating the market and helping our clients win, 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
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The Neal Estate Group 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 5,000 transactions and $1 Billion SOLD, Ron Neal & The Neal Estate Group have the industry experience and market knowledge to help you make smart and informed buying or selling decisions.