The 2020 Victoria real estate market year in review
A total of 631 properties sold in the Victoria Real Estate Board region this December, 57 per cent more than the 402 properties sold in December 2019 and a 20.6 per cent decrease from November 2020. Sales of condominiums were up 61.2 per cent from December 2019 with 195 units sold. Sales of single family homes increased 58.6 per cent from December 2019 with 314 sold.
A grand total of 8,497 properties sold over the course of 2020, 17.1 percent more than the 7,255 that sold in 2019. 2020 sales came in close to one thousand sales over the ten-year average of 7,329 properties.
“This has been an unexpected year on many levels,” says 2020 Victoria Real Estate Board President Sandi-Jo Ayers. “The onset of the COVID-19 pandemic in March and April quickly swept away any illusions that our normal seasonal market patterns would persist. Equally surprising was the resurgence of our market in early summer when restrictions lightened and pent-up demand began pushing sales beyond expectations. The combination of the ongoing pandemic, historically low interest rates and a shift in consumer priorities towards properties that cater to a more home-based work / life / retirement balance resulted in record setting sales for the last several months of 2020.”
There were 1,279 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of December 2020, a decrease of 29.5 per cent compared to the previous month of November and 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.
“The other side of our local story was the inventory,” adds Ayers. “We ended the year on a record low of properties available in Greater Victoria. This means that the huge demand we see for homes in our area is not being met by supply and prices are being pushed upwards as buyers vie for homes. Even historically lower-priced markets like the Highlands and the Westshore are seeing pressure as buyers adjust what suits their needs and focus on home ownership. What remains consistent is that in this complex market, your REALTOR® can help to navigate one of the biggest purchases most will make in their lifetime.”
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, slightly more than November’s value of $903,100. 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, slightly less than the November value of $516,600.