December 1, 2020. The Victoria real estate market continues to experience strong demand, low supply A total of 795 properties sold in the Victoria Real Estate Board region this November, 37.8 % more than the 577 properties sold in November 2019 but 19.7 % fewer than the previous month of October 2020.
Sales of condominiums were up 62.7 % from November 2019 with 262 units sold.
Sales of single-family homes were up 21.8 % from November 2019 with 375 sold.
“Once again, we’ve tracked an unexpectedly busy month for the Victoria area real estate market,” said Victoria Real Estate Board President Sandi-Jo Ayers. “With near 800 total sales last month, we came close to the record for sales in a November - which was 892 sales in 1989."
There were 1,813 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of November 2020, 24.4 % fewer properties than the total available at the end of November 2019 and a 14.6 % decrease from the 2,122 active listings for sale at the end of October 2020.
“I expect the question on most people’s minds is – how long does this last, and is this sustainable,” adds Ayers. “The fact is, the market has outperformed anyone’s expectations in the midst of this pandemic. There is a chance we will see a slow leveling of activity over the winter – which is what we would expect seasonally. However, because of our consistently low inventory, pressure on pricing and multiple offer situations will likely continue as we remain in a demand-heavy environment.”
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in November 2019 was $857,600. The benchmark value for the same home in November 2020 increased by 5.3 % to $903,100, a 2.7 % increase from the previous month of October.
The MLS® HPI benchmark value for a condominium in the Victoria Core in November 2019 was $517,400, while the benchmark for the same condominium in November 2020 remained close to last year’s value at $516,600, a 0.2 % fluctuation.