October was the hottest month all year!

October Sales up 60%; Condo market shows strength

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It’s been another strong record month for Victoria Real Estate.

Sales normally decline in October, but this year they stayed high, in fact October had 990 sales  – it’s the the most sales in any given month we’ve had all year! Highly unusual.. perhaps October is the new May or June.

Victoria’s been on a record streak since June. Every month for the past 4 months, we’ve seen an unprecedented uptick in velocity and prices. More homes are selling for higher prices than ever before.

But I gotta ask myself, how long can this keep going on!? Daily sales are beginning to trend down as we inch closer into the holiday season.. but I think this is simply because inventory so low (about 20% less than last year). those initial spring buyers may still be out there looking, because they keep loosing out in multiple offer situations. I’m certain that sales are being throttled back by the lack of new listings and inventory. 

Another type of buyer has been identified this month by the real estate board, the ‘forward buyer’. This buyer is anticipating a slow down in general activity over the winter months due to the course of the pandemic and so they are accelerating their plans. making moves now before another widespread lockdown. taking advantage of the low interest rate environment. Perhaps recognizing that remote work from home may become a permanent fixture in the new world order.

Alright, let’s get into the stats.

Single Family homes achieved an average of $1,037,000 this month. There were 474 sales in October, which is up 70% compared to last year. 

There are very slim pickings for single family homes in the core. As of today, there are only 328 some listings.

One in 4 homes sold for over asking price. 

Often, when I first meet Buyers, I feel they don’t believe me when I tell them how fast the market moves. What you see on the internet is not reflective of reality. If you want to buy a home you need to be ready, willing, and able to submit offers immediately. You need to be working with a realtor that is responsive, smart, and quick to get your compelling offer on the table. Homes get put under contract in a matter of hours!

Now, let’s switch to condominiums, which had a promising month. 

Approx 300 condos sold, up 70% compared to last year. Average Prices remain stable at $500k. 

As of today, there is about 525 condos on the market. 

In my experience, I’m finding that condominiums are getting placed under contract 24-48 hours after hitting the market. While you’ll have a much easier time than the typical home buyer, you still need to be sharp, quick witted, and attentive.

If you’re considering buying a property, or want to strategically sell your property for top dollar in todays market, please contact myself, Dustin Miller, managing broker of 8X. I’d welcome the opportunity to chat about our real estate services. 

Thanks for watching. Having a great day.

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