Inventory pressures continue to constrain Victoria real estate market
November 1, 2021
A total of 745 properties sold in the Victoria Real Estate Board region this October, 24.7 per cent fewer than the 990 properties sold in October 2020 and 2.1 per cent fewer than the previous month of September. Condominium sales were down 18.1 per cent from October 2020 with 249 units sold. 18.6 per cent fewer condominiums sold in October 2021 than in the previous month of September. Sales of single-family homes were down 30.4 per cent from October 2020 with 339 sold.
It’s anyone’s guess what sales numbers would be like had we been in a market with a historically average number of homes for sale. Over the previous ten years, the average number of properties for sale in October was 3,210 – we are one third of that this year. We continue to see record breaking low levels of homes for sale and with continuing competition for homes, we see pricing pressure persist.”
The Multiple Listing Service® Home Price Index benchmark value for a single-family home in the Victoria Core in October 2020 was $880,500. The benchmark value for the same home in October 2021 increased by 25.3 per cent to $1,103,600. The MLS® HPI benchmark value for a condominium in the Victoria Core in October 2020 was $482,200, while the benchmark value for the same condominium in October 2021 increased by 14.4 per cent to $551,800.
Sources: ReMax Camosun / VREB