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The Victoria area saw 8500 properties change hands in 2020. This is 17% more than the 7250 sold in 2019! 2020 sales came in close to a thousand sales over the ten-year average!! There actually would have been more sales, however, we have had very limited inventory to work with.
There were 1,279 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, a 34.5 per cent decrease from the 1,952 active listings for sale at the end of December 2019. This represents the lowest inventory of active listings at month-end in at least the last 25 years.
Just to put this in perspective - a balanced market in our area is when there are aprox 3500 listings available. We haven't seen that kind of availability in 4 years.
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in December 2019 was $857,200. The benchmark value for the same home in December 2020 increased by 6.8 per cent to $915,100. The MLS® HPI benchmark value for a condominium in the Victoria Core area in December 2019 was $520,100, while the benchmark value for the same condominium in December 2020 decreased by 0.9 per cent to $515,600.
Of course these numbers represent our market as a whole. If you would like to know more about your own area and how you would fair in this market - please feel free to get in touch with me.
December, a typically slower month in real estate showed great strength with 17.5% more condos and close to 14% more single family homes selling than last December
As for the year as a whole, a grand total of 7255 properties sold in our board area. This was about 1.5% more than what sold in 2018.
The benchmark value for a single family dwelling in the core municipalities at the end of 2019 was about $855,000 and the value of a condo increased to about $520,000.
Lack of listed properties continues to be an issue that holds our market back. We have less than 2000 properties listed throughout the board. To get to a balanced market we will need to almost double that number or at least get to 3500 listed properties. This has proven to be a difficult task and I would suggest that the mortgage stress test has a lot to do with it. People won't sell their home unless they have somewhere to go (makes sense). A lot of folks wouldn't qualify to purchase the home they are currently in let alone qualifying for an upgrade to something else.
If you are wondering if you would qualify for an upgrade give me a call. I have some great mortgage brokers available to assist you at no cost to you.