For the 5th month in a row, Victoria’s residential real estate has continue breaking records. November closed just shy of 800 sales. We came close to an all time sales record from 1989.
Record low interest rates, tenants making the move to home ownership, and an increase in out-of-town buyers.
I think the market has way more punch in it than the stats show. There is a supply constraint that is preventing further sales. As of today there are only 404 active single family listings in the south island region, and 259 of those are over a million dollars.
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 per cent fewer properties than the total available at the end of November 2019 and a 14.6 per cent decrease from the 2,122 active listings for sale at the end of October 2020.
In November about one in four single family homes went over asking price. Both the average and median hit a record high. The average in November reached $1,091,000 and median of $907,000.
Condo and townhouse market is slower, both median and average flat.
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.
If you’re thinking of buying or selling, I’d welcome the opportunity to work with you. I am a knowledgeable market participant, and very data driven to find the best property for your budget and lifestyle.