The Neal Estate Team's Victoria Real Estate Update for September 2020

There was only a slight change in the market from July 2020 to August 2020 in the Victoria area. The two months shared the exact same number of sales, though the later month saw a slight decrease in inventory and SFD Benchmark prices.

Specifically, August saw 979 sales (again, same as July) which was a 48.1% increase from August the previous year. Single family home sales rose 45% year over year (509 sales) and condos rose 29.1% in the same period (262 sales). As we said last month “these are some very big numbers for the month and if nothing else, great indicators that this is not a normal market.”

Despite many homeowners seeing the opportunity present to them in the current market, the high levels of sales and demand from buyers continue to drive inventory levels lower. The total number of listings available on the market decreased 2.6% from the end of July to the end of August (8.9% down from August 2019). That being said, the number of single family homes on the market has increased which brings a little relief to those buyers looking for a more socially distant property.

August also saw a decrease in month over month benchmark price for single family homes in the Victoria core, the first month to month decrease since the beginning of the year. The benchmark price for a single family home was $849,200, 2.3% down from July, yet still up 4.7% from August the previous year. The benchmark price for a condo was $513,900, down 3.2% from July and 0.8% from last year.

Though the changes in the recent months have been slight there is still much going on. Pent up demand absolutely is still playing a role, but that will likely be coming to an end in the near future and low-interest rates will start to be the driving force in the market if they are not already. Of course, the future is still opaque and these numbers are abnormally bad for establishing a trend given the uniqueness of the current socio-economic situation. We also won’t know how strong the effects of mortgage deferrals coming due and CERB ending will be or if the government will continue to make changes to soften those blows. Anecdotally, we on The Neal Estate Team are still seeing multiple offers and well-priced properties selling quickly. We don’t know what tomorrow will bring, but we do know that now is still a fantastic time to sell your property

If you would like to know how we are beating the market and helping our clients win, please click Here for a FREE consultation. Ask us about featuring your home on VictoriaComingSoonListings.com to ensure the best results and we hit the ground running together as we get to the other side of this.

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